Dar es Salaam. NCBA is on a course to bridge Tanzania’s financial inclusion gap by leveraging its digital assets to boost the bank’s operations and reach.
After recording impressive profits for the 2023 financial year, the local lender has officially launched its innovative mobile banking application, ‘NCBA Now’ to streamline access to financial services in the country.
Apart from recording over Sh20.16 billion of net profit last year, which represents a 157 percent growth rate, the bank also posted growth in customer deposits by 91.5 percent to Sh262.5 billion. Total assets grew by 14.5 percent to Sh515.5 billion.
The bank is now looking to cement and sustain its top performance by investing more in innovation and digital tools.
As a result, the new and improved mobile application is set to support its commitment to providing innovative banking solutions across East Africa and beyond.
According to the statement issued by the bank, it plans to expand this digital initiative with the upcoming launch in Uganda, Rwanda, and Ivory Coast.
NCBA Tanzania’s managing director, Mr Claver Serumaga, said the ‘NCBA Now app’ represents a revolutionary advancement in customer banking experiences, offering a comprehensive suite of features accessible anytime, anywhere.
“This app offers our customers full control over their finances, allowing them to monitor their accounts in real-time, manage their cards, and make transaction service requests of up to Sh5 million in value, all in one place,” he said.
Mr Serumaga said the app facilitates multiple fund transfers simultaneously, bill payments, and instant mobile wallet transactions, ensuring a seamless and secure banking experience.
The bank’s Group Managing Director, Mr John Gachora, said this launch is also part of the institution’s initiative towards the achievement of the United Nations Sustainable Development Goals (SDGs) through sustainability and digital transformation.
“The bank has undertaken various initiatives contributing directly to the SDGs, such as climate action (SDG 13) through tree planting. Additionally, our digitization efforts, exemplified by the NCBA Now app, not only enhance customer experience but also advance SDG 9 (Industry, Innovation, and Infrastructure) by promoting technological innovation and SDG 12 (Responsible Consumption and Production) by reducing paper usage and promoting digital transactions,” he said.
When it comes to digital businesses, NCBA has been at the forefront with products such as M-Pawa, which is currently the second largest mobile lending platform in Tanzania and has played a significant role in banks financial results for 2023.
M-Pawa’s digital lending alone disbursed Sh100 billion worth of loans and attracted Sh25 billion in revenue.
According to the bank, the rollout of the NCBA Now app, which can be accessed through the App Store or Google Play Store, is envisioned to further propel NCBA’s 2024 financial results as it continues to redefine the banking experience and empower customers to achieve their financial goals with ease.
The bank’s MD, Mr Serumaga, added that NCBA is now opening doors into two key sectors, namely construction and tourism.
At the launch event, Treasury Registrar Mr Nehemiah Mchechu commended the bank for its innovation, transparency, and large customer base, which exceeds 60 million across all the countries where they operate.
He noted that all these customers will now have digital connectivity through the NCBA Now app, which simplifies banking services on mobile devices, thereby increasing financial accessibility for both urban and rural areas.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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