The National Microfinance Bank (NMB), a microfinance institution (MFI) backed by the government of Tanzania, reportedly has launched the Financial Fitness Program (FFP) “that is aimed at promoting the culture of saving for the purpose of financing education.” NMB plans to offer financial literacy training to school children and small businesses. NMB also intends to distribute 50,000 financial fitness comic books on financial literacy to primary and secondary school students. No timetable for the program was disclosed.
For the year 2011, NBM reported to the US-based nonprofit Microfinance Information Exchange (MIX) total asset of USD 1.34 billion, total deposits of USD 1.12 billion, return on assets (ROA) of 3.67 percent and return on equity (ROE) of 31.6 percent.
By Brendan Millan, Research Associate
About National Microfinance Bank (NMB): Established in 1997, NMB is a microfinance institution (MFI) backed by the government of Tanzania. Established by the National Microfinance Bank Limited Incorporation Act, the bank initially provided payment services, savings accounts and limited borrowing services. Since mid-2010, the bank has been expanding its lending operations. NMB operates 142 branches reportedly covering 80 percent of Tanzania’s municipal districts. For the year 2011, NBM reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.34 billion, total deposits of USD 1.12 billion, return on assets (ROA) of 3.67 percent, and return on equity (ROE) of 31.6 percent. Dutch lender Rabobank owns a 34.9-percent stake in the bank while the Tanzanian government owns a 30-percent stake. Exim Bank Tanzania, the Tanzania Chamber of Commerce Industry, and Agriculture and National Investment Company Limited own a combined 14.1 percent of NMB.
Sources and Resources:
[1] Daily News: “Bank Launches Saving for Education Initiative”, http://dailynews.co.tz/index.php/features/popular-features/5362-bank-launches-saving-for-education-initiative
MicroCapital.org story, February 24, 2011, “MICROCAPITAL BRIEF: National Microfinance Bank (NMB) of Tanzania Loans $105m to 354 Coffee Farming Groups”, https://www.microcapital.org/microcapital-brief-national-microfinance-bank-nmb-of-tanzania-loans-105m-to-354-coffee-farming-groups/
MicroCapital.org story, August 2, 2010, “MICROCAPITAL BRIEF: National Microfinance Bank (NMB) Launches ‘Juhudi’ Loan Program to Improve Access to Microcredit in Tanzania”, https://www.microcapital.org/microcapital-brief-national-microfinance-bank-nmb-launches-juhudi-loan-program-to-improve-access-to-microcredit-in-tanzania/
MicroCapital.org story, May 31, 2010, “MICROCAPITAL BRIEF: One of Tanzania’s Largest Banks, the National Microfinance Bank (NMB) Gives $63m in Loans to Small and Medium Enterprises (SMEs)”, https://www.microcapital.org/microcapital-brief-one-of-tanzanias-largest-banks-the-national-microfinance-bank-nmb-gives-60-5m-in-loans-to-small-and-medium-enterprises-smes/
MicroCapital Universe Profile: National Microfinance Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Microfinance+Bank+%28NMB%29#Overview_14_word_limit_
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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