AfricaPress-Tanzania: NCBA Bank Tanzania Limited (NCBA) has vowed to support Small-Medium sized Entreprises (SMEs) in propelling the country to achieve rapid economic growth.
This was said by the NCBA Bank Chief Executive Officer and Managing Director, Ms Margaret Karume during the official launch in Dar es Salaam yesterday.
“Through our customer-centred innovation and investment in tailor-made digital banking products, we are ready to facilitate the growth and development of critical sectors of the economy, such as Small and Medium Enterprises, large infrastructure projects and the agricultural sector,” she said.
The bank is set to spearhead economic empowerment through digital financial inclusion as it inspires and supports ‘go-getters’ in their journey to greatness.
Speaking at the launch, the Managing Director said that the bank’s ambition is to inspire go-getters in their journey to greatness and to accelerate economic growth in the country and beyond.
“I emphasize that through our digital-first approach, we will continue to innovate and share the best in class technological advances and customer service as we provide exceptional financial services and products that exceed customer expectations, with internationally accepted standards,” she added.
The event was officiated over by the Deputy Minister for Finance and Planning, Dr Ashatu Kijaji, who re-iterated the governments strive to build an industrial-based economy under the visionary leadership of President, John Joseph Magufuli.
We recognize that the strength of any society and economy ultimately depends on the strength of each individual part of the society that contributes to the economy.
The NCBA Bank has assured me of their commitment to foster an enabling environment for micro-SME’s to ensure growth and economic empowerment, ranging from small and medium enterprises to large corporate organisations.
Indeed we are all aware that the development of SMEs is a central component of economic growth because they not only provide employment opportunities to the masses, but they are also a key contributor to the country’s GDP and tax revenues.
“To facilitate this, we need a strong financial services sector that can drive financial inclusion across the country and provide the key products and services that increase access to credit and loans with affordable interest rates to accelerate economic growth,” she noted.
The Tanzania Development Vision 2025 highlights SME’s sector as an important contributor to the country’s long-term development.
It is estimated that Tanzania’s SME sector consists of more than 3 million enterprises which contribute over 27 per cent of overall GDP.
The Minister praised NCBA Bank for its steadfast commitment to support the government efforts to create a robust financial sector.
“I am deeply encouraged by NCBA bank for taking action, especially with the M-PAWA product that provides digital access to savings and quick loans via mobile phone, thus fostering financial inclusion, the growth of SMEs and empowering all Tanzanians,” she said.
The Directorate of Financial Sector Supervision, Bank of Tanzania, Mr Nassor Omar applauded NCBA Bank for its vigour in spearheading digital financial inclusion to ensure everyone has access to financial services.
