National Microfinance Bank

National Microfinance Bank

Type	PLC: DSE: NMB
Industry	Financial Services
Founded	1997
Headquarters	Dar es Salaam, Tanzania
Key people	Misheck Ngatunga, Chairman Mark Wiessing, Managing Director
Products	Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue	Aftertax: US$36.2 million (TZS:54 billion) (2010)
Total assets	US$1.41+ billion (TZS:2.1 trillion) (2010)
Employees	2610 (2010)
Website	Homepage

National Microfinance Bank (NMB), is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the national banking regulator.^[1]

Overview

As of December 2010^[update], the bank is a large financial services institution, providing commercial banking services to individuals, small to medium sized corporate clients, as well as large businesses.^[2] NMB is one of the largest commercial banks in Tanzania, with a total asset valuation of over US$1.41 billion (TZS:2.1 trillion), as of December, 2010. At that time, the bank's shareholders' equity was valued at approximately US$155 million (TZS:230.5 billion).^[3] The stock of the bank is listed on the Dar-es-Salaam Stock Exchange, under the symbol: NMB.^[4]

History

Following the break-up of the old National Bank of Commerce in 1997, by act of Parliament, three new entities were created: (a) NBC Holdings Limited (b) National Bank of Tanzania (1997) and (c) National Microfinance Bank. Initially NMB could only offer savings accounts, with limited lending capabilities.

In 2005, NMB was privatized and the Government of Tanzania, the sole owner of NMB until then, divested 49% shareholding to Rabobank of the Netherlands. Over the years since that time, further divestiture by the Tanzanian Government and subsequent listing of the bank's stock has led to a diversified ownership structure, as outlined under "Ownership".^[5]

Ownership

NMB is owned by institutions and private individuals as detailed in the table below:^[6]

National Microfinance Bank Stock Ownership

Rank Name of Owner Percentage Ownership 1 Rabobank of the Netherlands 34.9 2 Government of Tanzania 30.0 3 Private Investors via DSE 21.0 4 National Investment Company Limited (NICOL) 6.6 5 Exim Bank (Tanzania) 5.8 6 TCCIA Investment Company Limited 1.7 7 TOTAL 100.0 Branch Network As of September 2010[update], the bank maintains over 133 networked branches in all regions and provinces of Tanzania.[7] See also List of banks in Tanzania Economy of Tanzania Microfinance in Tanzania Dar es Salaam Stock Exchange References ^ List of Licensed Commercial Banks In Tanzania ^ NMB Offers Agricultural Loans ^ 2010 NMB Financial Report ^ Companies Listed on Dar es Salaam Stock Exchange ^ History of NMB ^ Shareholding of NMB ^ Branch Network of NMB External links NMB Homepage List of Registered Banks in Tanzania