NMB Bank Tanzania has been named Tanzania’s best bank by the prestigious Euromoney Awards for Excellence, once again cementing its position as the leading financial institution in the country. This marks the eleventh time in twelve years that the bank has received this top honor, highlighting its consistent dominance in the sector.
The Euromoney Awards, a globally recognized benchmark for banking excellence, attracted entries from over 600 banks worldwide.
In addition to being crowned Tanzania’s Best Bank, NMB Bank also secured four other awards: Best Bank for Environmental, Social, and Governance (ESG), Best Digital Bank in Tanzania, Best Domestic Private Bank, and Best Bank for High Net Worth Individuals. These accolades collectively highlight the bank’s comprehensive approach to banking, encompassing sustainability, innovation, and wealth management.
Alfred Shao, Chief Wholesale Banking at NMB Bank, proudly accepted the awards on behalf of the bank at the ceremony held in London. He expressed gratitude to the bank’s customers, stakeholders, and dedicated team for their instrumental role in achieving this remarkable success.
For more than three decades, Euromoney has honored the banks and bankers who have set themselves apart, creating a thorough awards program that is now the global standard in the industry.
Earning an award for excellence is a career milestone and provides an opportunity to receive well-deserved recognition from your peers in a field where standing out is highly coveted and exceptionally challenging. Euromoney Awards for Excellence are the most esteemed awards of their kind, with simpler entry requirements and a broader industry scope than ever before.
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NMB Bank’s financial performance has been equally impressive. The bank reported a 19% increase in total assets to $4.7 billion in 2023, driven by a 28% growth in loans and the acquisition of 1.2 million new customer accounts. Net profit also surged by 26% to $208.6 million.
Additionally, NMB Bank issued the region’s first green and social bond, the NMB Jamii bond, in 2023. The TSh1 trillion ($386 million) bond was divided into two tranches, with proceeds allocated to environmentally friendly and socially responsible projects. Furthermore, the bank invested TSh6 billion in education, health, and climate-related initiatives as part of its corporate social responsibility efforts.