June 14, 2024

NMB Bank Tanzania Recognized for Building a Culture of Internal Audit

NMB Bank Tanzania Recognized for Building a Culture of Internal Audit

NMB Bank Tanzania has emerged as a champion for excellence within the internal audit profession, receiving two prestigious awards from The Institute of Internal Auditors Tanzania (IIA Tanzania). This recognition comes at the culmination of Internal Audit Awareness Month, highlighting NMB Bank’s unwavering commitment to robust corporate governance and fostering a culture of professionalism.

The ceremony, held last week in Dar es Salaam, Tanzania, served as a momentous occasion for NMB Bank. Benedicto Baragomwa, the bank’s Chief Internal Auditor, proudly accepted the awards presented by GSM Group CEO and NMB Bank’s Board Director, Benson Mahenya. Witnessing this significant event were esteemed guests, including Dr. Zelia Njeza (PhD), President of IIA Tanzania, and Robert Biah, a Board Member at the institute.

These awards highlight NMB Bank’s dedication to upholding a strong corporate governance framework. The bank prioritizes effective risk management practices, ensuring the continued delivery of exceptional financial solutions and the promotion of sustainable business growth. Ultimately, NMB Bank aspires to create lasting value for its shareholders, the communities it serves, and its valued customers.

Notably, NMB Bank recently listed its inaugural three-year US$ 73 million Sustainability Bond on the prestigious International Securities Market (ISM) and Sustainable Bond Market (SBM) Platform at the London Stock Exchange (LSE). The aptly named “Jamii Bond,” will channel its proceeds towards financing climate-positive infrastructure projects.

The British International Investment (BII) acted as a key investor in the Tanzanian shilling tranche of the Bond. Additionally, FSD Africa provided invaluable technical assistance for NMB Bank’s Portfolio Review.

“This extraordinary success highlights the strong confidence Tanzanian and global investors have in NMB Bank’s soundness and commitment to sustainability across operations, business, community, and environment. It reaffirms our creditworthiness and reflects the desire of investors, both local and international, to seize the safe and impactful investment opportunities within Tanzania’s robust investment climate.” Ms. Ruth Zaipuna, Chief Executive of NMB, said.

The Institute of Internal Auditors Tanzania (IIA Tanzania) is a professional organization proudly affiliated with the globally recognized Global Institute of Internal Auditors. The Global Institute of Internal Auditors stands as a preeminent leader in certification, education, research, and technological guidance for the internal audit profession.

It holds the unique distinction of being the sole institution authorized to provide universally applicable International Standards for the Professional Practice of Internal Auditing alongside a comprehensive Code of Ethics, actively promoting an ethical culture within the internal audit profession.

IIA Tanzania functions as a professional institute, uniting internal audit practitioners and individuals with a keen interest in the field within Tanzania. Since its inception in 2006, IIA Tanzania has played a pivotal role in bringing together internal audit professionals and enthusiasts across the nation. Their mission is to cultivate a deeper understanding of the evolving role that internal audit plays, while simultaneously driving the implementation of the International Professional Practices Framework (IPPF).

To learn more about nmb bank tanzania, you can visit their website to find a complete list of branch locations or utilize the nmb bank tanzania ussd code *150*66# for mobile banking on the go. For international fund transfers, the nmb bank tanzania swift code is NMIBTZTZXXX. They can also be reached for any inquiries through the nmb bank tanzania customer care line at 0800 002 002.