[Tanzania] NMB launches first of its kind account for small businesses
The National Microfinance Bank Plc (NMB) has launched the first ever business account for micro and small businesses named NMB FANIKIWA Account.
The account is special for micro and small enterprises (MSEs) and is expected to recruit many small business owners like the Mama Ntilie and Hawkers, including them in the formal economy.
NMB FANIKIWA account is an affordable and easily accessible business account designed to serve the micro business, with either a business license or permit. People owning micro businesses now have the opportunity to join the formal economy through this account.
The NMB Managing Director – Ms Ineke Bussemaker said, “NMB FANIKIWA Account is a tailor-made business account, specially designed for MSEs. This account is exclusive to very small and growing businesses with a turnover of between TZS 500,000 and TZS 150 million in a year.” A clear testimony of NMB’s commitment to serve a diversified customer segment according to their needs.
Ms Bussemaker further said, “NMB being the bank that serves a diversified customer segment according to their needs, has designed a tailor made business account specially designed for financial inclusion purposes.”
With this account in place, some MSE customers, especially those without banking experience, will be able to establish a business relationship with NMB, making it relatively easier for them to access loans after operation of their account for at least 6 months.
NMB has been serving the small and medium enterprises customers (MSMEs) since 2000, with the objective of assisting them to grow their businesses.