NMB Bank heavily invests on digital platforms to boost financial inclusion

By Guardian Correspondents , The Guardian
Published at 11:58 AM Jul 09 2025
To enhance transaction security, NMB has introduced fingerprint (biometric) authentication for logging in and conducting transactions via the app.
Photo: File
To enhance transaction security, NMB has introduced fingerprint (biometric) authentication for logging in and conducting transactions via the app.

NMB Bank has reaffirmed its commitment to investing in digital platforms to expand access to financial services across Tanzania, as part of its broader strategy to promote financial inclusion and reduce reliance on traditional banking branches.

Speaking to journalists on Sunday, July 6 during the 49th Dar es Salaam International Trade Fair (DITF), the bank’s Senior Manager for Digital Sales, Hezbon Mpate, said the bank’s mobile platform NMB Mkononi has been a catalyst for transformation in the local banking sector, enabling millions of Tanzanians to access banking services more easily, quickly and securely.

“Through NMB Mkononi, we have transformed how Tanzanians access financial services. Our goal is to ensure that services are available to everyone, wherever they are, without the barrier of distance or time,” he said.

He noted that more than 4.7 million customers are currently using NMB Mkononi, and that 96 percent of the bank’s transactions last year were conducted through digital channels, with a rise of 16 percent for the whole year.

According to him, the service has significantly reduced congestion at bank branches and improved operational efficiency.

To enhance transaction security, NMB has introduced fingerprint (biometric) authentication for logging in and conducting transactions via the app.

Additionally, the daily transaction limit has been increased from Sh5 million to Sh30 million to offer greater flexibility to customers who conduct large financial transactions. This upgrade is part of the MshikoFasta service.

Mpate said the bank has also succeeded in reaching micro-entrepreneurs who were previously outside the formal financial system. Through MshikoFasta, customers can access collateral-free loans of up to Sh1 million in under 10 minutes.

Since its launch in 2022, the service has disbursed over three million loans, benefiting nearly one million clients. “MshikoFasta has provided real solutions to food vendors, wamachinga, and mid-level service providers. For them, ten minutes can make a life-changing difference.”

NMB has also introduced an AI-powered chatbot NMB Jirani available via WhatsApp, the bank’s website and social media platforms. The chatbot handles 78 percent of customer inquiries in real-time, which has reduced traffic to customer service centres by 22 percent.

According to government data from the Bank of Tanzania (BoT), 72 percent of Tanzanian adults now access financial services digitally. The number of mobile financial service users has surpassed 38 million, with monthly transactions estimated at over Sh14 trillion.

“Our commitment is to continue enhancing NMB Mkononi to become a more inclusive platform that delivers convenient, secure, and impactful services for our customers,” he said.