A combination of expansion and innovative strategies implemented during FY2019 led financial institution NMB to be ranked among the country’s top three banks.
The bank came second runner-up in this year’s Banks and Banking Survey.
NMB Bank chief executive Benefit Washaya said it was pleasing to have been judged among the country’s top three banks in the Banks and Banking Survey.
“We are delighted to have had our achievements in this half-year acknowledged by being judged among the top three banks in this prestigious survey, particularly given the difficult economic environment in which we, like other banks and other companies, have had to operate,” he said.
“We are pleased to have been able to continue to offer our customers the same high standard of customer service for which we are well known. Our commitment to our customers and to providing them all with the highest standards of customer care remains absolute.”
NMB’s expansion into the broad market segment is part of its inclusivity drive to bring more individuals and small businesses into the banking sector. This drive has seen a huge increase in the number of NMB Bank accounts opened and in the level of deposits with the bank.
Earlier this year the bank launched a TapCard that only needs to be tapped against a point of sale machine to make a payment.
The TapCard, which can be obtained by anyone whether an NMB Bank customer or not, can be purchased or loaded with monetary value at any NMB bank branch, selected OK supermarkets and agents nationwide.
It is ideal for small transactions and is already being used for fast payment of bus fares on Zupco buses, entrance to Premier Soccer League matches and Zinara tollgate fees on the route from Harare to Beitbridge.
NMBZ Holdings, NMB Bank’s holding company, achieved a pre-tax profit of $74 452 137 for the half-year ended June 30, 2019.
Basic earnings were largely driven by NMB Bank’s continued expansion into the broader market segments, revision of lending rates and charges, reduction in non-performing loans, cost containment measures, functional currency changes and fair value gains from investment properties.
