Categories: Stories

NMB Bank gets $60 million lines of credit

NMB Bank says it has received lines of credit for $60 million from six different funders this year and is negotiating for another $40 million to bolster its lending capacity.

NMB chief executive Benefit Washaya said the bank was leveraging on its strong shareholding, which included African Century, LLP, Old Mutual, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N V (FMO), Norfund and AfricInvest to raise external lines of credit and expand its loan book.

“Our approved lines stand at $60 million from six different funders and we are negotiating for additional lines in the region of $40 million,” Washaya said at the bank’s launch of its first Excellence Centre for high net worth clients in Borrowdale.

“The world around us is changing and experience teaches us that unless you keep pace with an ever-changing business environment, you will be run over by the crowd,” Washaya said.

NMB has also opened two more branches in Kwekwe and Masvingo, with a third expected before the end of the year in Chinhoyi.
Most of the lines of credit would be used to fund small to medium scale enterprises while the bank was now also offering mortgage financing.

Washaya said that in the past the bank had looked after large corporates, medium-sized businesses and small businesses and high net worth individuals.

“Unfortunately those market sectors have taken a battering. Because of that, we have had to enter other market segments we did not serve before. As NMB, we had to respond to these changes by adjusting our business model and broadening our market segments,” said Washaya.

The bank is also introducing a mobile app for both Android and Apple platforms to improve customer experience.

“Our focus remains on enhancing service delivery and product offering to ensure that our customers access all financial services under one roof,” he said, adding that the bank had recently enhanced its internet banking platform.-The Source
 

(42 VIEWS)

This post was last modified on %s = human-readable time difference 8:25 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024