NMB bags Tanzania’s safest bank award for 2021

By A Special Correspondent

NMB Bank Plc has once again proved its market leadership, unrivalled financial stability and readiness to serve the country after scooping the safest bank award in Tanzania for the second time in two years.

The lender bagged this year’s accolade, its eighth in 2021, after beating local peers in the Global Finance magazine’s annual rankings of the World’s Safest Banks for 2021 in the country awards category.

Announcing the monumental achievement today in Dar es Salaam, the bank’s Chief Finance Officer, Mr Juma Kimori, said the New York based publication bestowed it with the honour mostly due to its sound financials, customer service excellence, digital innovations and formidable technological investments.

“Credit ratings, solid fundamentals, financial performance, asset base, approach to cybersecurity, digital banking solutions, financial inclusion, innovation and technology, all contributed to the accolade,” Said Mr Kimori.

Mr Kimori said the annual rankings of the World’s Safest Banks by Country are selected through evaluation of these financial variables in which the bank emerged tops in Tanzania over its peers.

According to him, the award equates to NMB’s stability, resilience and digital transformation and innovation capabilities in supporting employees, customers and the wider community to achieve financial success.

“We are honoured to be recognized as Tanzania’s Safest Bank for the Year 2021. We continue working on evolving the bank’s capabilities to deliver sustained returns and are proud to remain a trusted partner for our customers, providing for all their banking solutions in safe and innovative ways,” he pointed out.

The new recognition, which CFO Juma said serves as yet another testament of NMB’s status as the most profitable and safest financial institution in Tanzania, comes a few months after its scooping of seven other international awards.

These include the Best Bank in Tanzania for the ninth consecutive year by Euromoney, Best Retail Bank, Best SME Bank, Best Investment Bank, Best Innovation in Retail Banking and last month’s award from MasterCard International as ‘Fastest Bank in Card Usage Growth in Tanzania’.

The NMB leader said the safest bank award in the prevailing challenging economic times is also proof of the market’s trust in its operations and overall performance. In quarter three, the lender whose assets base soared to TZS 8.2 trillion, posted a net profit of TZS 211 billion.
“That financial clout puts us in a better position to continue serving the country in 2022 and beyond as we consolidate our position of being the most innovative and customer-centric bank in the country,” Mr Juma pointed out.

According to the publisher and editorial director of Global Finance, Mr Joseph D. Giarraputo, the resilience of banks has been critical in supporting businesses and national economies as the world readies for post Covid-19.

“For Tanzania, NMB is a paragon of stability, and continues to provide necessary support for government and communities as they seek to recover from the pandemic’s economic shocks.”