NMB Launches “NMB PESA HAACHWI MTU” Campaign to Boost Financial Inclusion in Tanzania

Dar es Salaam, 2024 – NMB Bank has today announced the launch of its groundbreaking campaign, “NMB PESA HAACHWI MTU,” aimed at significantly enhancing financial inclusion among Tanzanians. This latest initiative promises a more accessible banking experience, breaking down barriers and expanding opportunities for the majority of Tanzanians to join the formal financial system.

Filbert Mponzi, the Chief Officer for Retail and Business Banking at NMB (@NMBTanzania), stated that the core objective of this campaign is to bolster the number of individuals owning bank accounts in the country and to increase the clientele base of the institution, which currently stands at over six million customers.

Recent findings from a Finscope survey revealed a critical insight: only 22% of eligible Tanzanians currently hold a bank account. This stark statistic has propelled NMB to intervene and address this challenge. The “NMB PESA HAACHWI MTU” campaign is particularly tailored to reach everyday citizens, focusing on segments such as food vendors, small traders, motorcycle taxi operators, and others who are often overlooked by conventional banking services.

Mponzi highlighted the bank’s commitment to making banking accessible and hassle-free. Opening an NMB PESA account is now simpler, more affordable, and can be initiated with as little as 1,000 Tanzanian shillings. The account does not incur monthly fees, debunking the misconception that opening a bank account is a costly or complex process reserved for the wealthy. “Account opening will be a straightforward digital process, conducted by our dedicated sales officers, ensuring convenience and efficiency,” Mponzi added.

In addition to accessibility, the NMB PESA account holders will enjoy numerous benefits, including integration with the NMB Mkononi service. This service offers a plethora of advantages, such as the MSHIKO FASTA loans, which range from 1,000 to 500,000 Tanzanian shillings. These loans are unsecured, requiring no collateral, and customers do not need to physically visit a bank to access them.

NMB’s bold step through the “NMB PESA HAACHWI MTU” campaign marks a pivotal moment in the financial sector of Tanzania, potentially reshaping the banking landscape and fostering a more inclusive economy where no individual is left behind in the financial ecosystem.