{"id":39257,"date":"2021-10-22T16:15:45","date_gmt":"2021-10-22T16:15:45","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=39257"},"modified":"2021-10-22T13:57:58","modified_gmt":"2021-10-22T13:57:58","slug":"nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators","title":{"rendered":"NMB supports tech breakthrough, earmarks 1bn\/- for innovators"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>NMB Bank yesterday launched the first ever sandbox environment for local startup companies in a move seeking to inspire technological innovations for better delivery of financial services in the country.<\/p>\n

The development, which was graced by central bank Deputy Governor Dr Bernard Kibesse, will allow the startups to partner and work with NMB for testing and delivering innovative financial solutions.<\/p>\n

NMB Bank\u2019s CEO Ruth Zaipuna said Tanzania\u2019s top lender will back the initiative with a financing package of 1bn\/-for seed funding the solutions and inventions with marketability credentials and transformative potential to elevate local banking to new heights.<\/p>\n

Under the setup, startups and tech savvy Tanzanians will be accorded an easy way to integrate solution innovations with NMB Bank platforms for testing their readiness to be marketed, which the lender said will be done after getting the requisite approvals from the Bank of Tanzania (BoT).<\/p>\n

Dr Kibesse said the NMB sandbox environment initiative was a noble idea that will promote innovation and creative solutions, which will greatly boost growth of the financial sector and help banks to improve service delivery.<\/p>\n

\u201cToday\u2019s event goes hand in hand with the government\u2019s initiative to support technological breakthrough driven by youth in the country,\u201d the BoT leader noted in his inaugural speech.<\/p>\n

According to him, the new NMB venture is according local startup companies and young tech savvy entrepreneurs a rare opportunity to showcase their capabilities and create innovative financial solutions which will help to reduce the cost of banking services and create employment opportunities.<\/p>\n

He said the investment was yet another demonstration by NMB to support efforts of the government to address limitations Tanzanians face when accessing banking services, which include limited access to financial products and fewer distribution points.<\/p>\n

\u201cI applaud NMB Bank for being on the forefront in supporting the government efforts, as demonstrated by various initiatives being taken by the bank including the recent decision to set aside 100bn\/- for the purpose of lending to the agriculture sector at interest rate not exceeding 10 per cent,\u201d Dr Kibesse noted.<\/p>\n

He called on the bank to come up with a similar arrangement for startups and young innovators since limited access to affordable credit was one of the major drawbacks to their entrepreneurial and innovation endeavors.<\/p>\n

Dr Kibesse said Tanzania has many innovators who fail to deliver accordingly and make meaningful breakthroughs mostly due to lack of supportive opportunities and working capital.<\/p>\n

\u201cThrough initiatives such as your sandbox environment, creative Tanzanians will have a place where to test their innovative ideas for creating solutions, which will not only support service delivery but also help to create new jobs,\u201d the Deputy Governor noted.<\/p>\n

Speaking earlier, Ms Zaipuna said leveraging technology to provide best-in-class experiences to NMB Bank\u2019s customers and serve Tanzania continues to be the lender\u2019s top priority.<\/p>\n

She noted that due to its huge technological investments, financial inclusion agenda and capital muscle, NMB this year managed to scoop seven international awards of excellence, including one for being the most innovative lender in the country.<\/p>\n

CEO Zaipuna said the sandbox initiative will not only expands NMB\u2019s digital platforms but also consolidates its innovation prowess leadership in the market.<\/p>\n

\u201cThe sandbox environment is a platform that allows startups to experiment, test and pre-certify integration with our banking services,\u201d she explained noting that its experts have created a clear guide on security and risk assessment, which the bank will perform to allow the innovators to transition to its live environment.<\/p>\n

On his part, NMB\u2019s Acting Chief of Technology and Digital Transformation, Mr Kwame Makundi, called on all startups willing to work with NMB Bank to seize this rare opportunity to test marketability readiness of their innovations.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. NMB Bank yesterday launched the first ever sandbox environment for local startup companies in a move seeking to inspire technological innovations for better delivery of financial services in the country. The development, which was graced by central bank Deputy Governor Dr Bernard Kibesse, will allow the startups to partner and work with […]<\/p>\n","protected":false},"author":84,"featured_media":39256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[6990,6991,711],"class_list":["post-39257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nNMB supports tech breakthrough, earmarks 1bn\/- for innovators - Tanzania<\/title>\n<meta name=\"description\" content=\"NMB Bank yesterday launched the first ever sandbox environment for local startup companies in a move seeking to inspire ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NMB supports tech breakthrough, earmarks 1bn\/- for innovators\" \/>\n<meta property=\"og:description\" content=\"NMB Bank yesterday launched the first ever sandbox environment for local startup companies in a move seeking to inspire ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-22T16:15:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/10\/img-6172c34b85880.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"752\" \/>\n\t<meta property=\"og:image:height\" content=\"473\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NMB supports tech breakthrough, earmarks 1bn\/- for innovators\",\"datePublished\":\"2021-10-22T16:15:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\"},\"wordCount\":641,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/10\/img-6172c34b85880.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-supports-tech-breakthrough-earmarks-1bn-for-innovators\",\"name\":\"NMB supports tech breakthrough, earmarks 1bn\/- for innovators - 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