Best private bank: NMB Bank
NMB Bank has solidified its position as Tanzania’s leading private bank, delivering exceptional financial performance, tailored banking solutions and digital innovation during the review period. With a strong focus on high-net-worth individuals (HNWs) and affluent clients, NMB continues to set industry benchmarks in Tanzania.
Assets under management at the private bank jumped sharply during the review period, with income growth more than doubling. Moody’s upgraded NMB Bank to a B1 credit rating in 2024, affirming its stability. The bank also commands 23% of Tanzania’s total personal loans and 22% of total deposits, serving more than 6,000 private banking clients.
NMB Bank’s success over the review period is rooted in strategic client acquisition, leveraging referrals, networking events and corporate partnerships. A dedicated team of 28 professionals, including 15 expert relationship managers, ensures high-end service delivery.
NMB Bank provides premium financial solutions, including high-yield savings, flexible fixed deposits and Wekeza, a long-term savings plan with attractive returns.