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The African Development Bank and NMB Bank Limited Zimbabwe (NMB) have signed a $15 million Trade Finance Transaction Guarantee Facility to unlock trade finance opportunities for Zimbabwean small and medium-sized enterprises and those in agri-business and trade distribution value chains.
The signing took place on 7 March at NMB Bank Headquarters in Harare.
Moono Mupotola, African Development Bank Country Manager, and Gerald Gore, NMB Bank Chief Executive Officer attended. The African Development Bank’s board approved the project in November 2023.
The facility offers up to 100% coverage to confirming Banks, effectively mitigating non-payment risks linked to NMB Bank’s trade transactions on a per-transaction basis.
It is tailored to support trade between Zimbabwe and other African countries and with overseas markets by significantly diminishing the risk for international financial institutions actively engaging in trade finance activities with Zimbabwean businesses.
Country Manager Mupotola attended the signing. She said:
<blockquote>
The African Development Bank is committed to supporting the development of the private sector in Zimbabwe.
This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses.
By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade.
</blockquote>
SMEs often face challenges in accessing trade finance compared to their larger counterparts. This initiative directly addresses this gap, fostering a more vibrant and inclusive business environment in Zimbabwe.
Gerald Gore, CEO of NMB Bank emphasized the agreement’s importance for Zimbabwe’s economic development. He said:
<blockquote>
This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses.
This will not only unlock new trade opportunities but also contribute to job creation and economic growth.
</blockquote>
In December 2023, the Bank’s board of directors approved a US$20 million trade finance line of credit to Central Africa Building Society (CABS).
The project aligns with the Bank’s country strategy paper for Zimbabwe 2024-2026, which prioritises private sector development.
It is also aligned with several priorities of the Zimbabwe Vision 2030, which aims to transform Zimbabwe into a prosperous and empowered upper-middle-income society by 2030.
Source: <a href="https://afdb.africa-newsroom.com/">African Development Bank Group (AfDB)</a>

Pindula News

AfDB Approves US$15 Million Facility For NMB Bank Zimbabwe

NMB Zimbabwe has said it will continue to fund and support the productive sectors of the economy.
In a statement accompanying financial results for the year ending 31 December 2021, the financial services group said:
<blockquote>
We remained relevant to our Corporate and SME clients by providing customised lending products which meet their exact needs.
The Agriculture sector was bolstered by the floating of a $2 billion Agrobond whose proceeds are being deployed in various agricultural value chains.
The Bank signed a US$15 million credit line with a developmental finance partner which is currently being disbursed in selected long-term projects.
This is up and above another line of US$20 million from a regional funder which was fully utilised.
</blockquote>
NMB also noted the positive impact of various monetary policies that were implemented by the Government such as the foreign exchange auction system which resulted in a significant drop in inflation.
The year-on-year inflation dropped from a high of 837 per cent recorded in July 2020 to 60.74 per cent as of December 2021. Read the statement:
<blockquote>
Notwithstanding the economic headwinds, the economy achieved an economic growth rate of 7.8 per cent on the back of the continuation of the tight monetary and fiscal consolidation, a good agricultural season and the stabilisation effect brought by the auction system.
</blockquote>
NMB Zimbabwe said the banking subsidiary was compliant with the minimum capital of the equivalent of US$30 million.
At the end of 2021, the banking subsidiary owed US$13.4 million to various lines of credit providers.
<h4>More: <a href="https://www.chronicle.co.zw/nmb-to-continue-supporting-productive-sectors/">Chronicle</a></h4>

NMB To Continue Supporting Productive Sectors Of The Economy

NMB is reportedly one of the country’s top banks. Read the press statement below:
<blockquote>Banking Survey places NMB among country’s top three banks NMB Bank’s top level performance was acknowledged in this year’s Zimbabwe Independent Banks and Banking Survey, where it was second runner-up for the Overall Bank of the Year award.
The results of the survey, which highlights banks that performed exceptionally well in the first half of this year, were announced on Thursday at an event hosted by Alpha Media Holdings, publishers of the Zimbabwe Independent.NMBZ Holdings, NMB Bank’s holding company, achieved a pre-tax profit of ZWL74 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.
NMB Bank’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.
The bank is now one of the most commonly known banks within the country, a bank for all. Its commitment to providing excellent service to its customers is well known. NMB’s high standard of customer care has continued to be one of its main hallmarks, despite the huge rise in the number of customers it now serves.
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.
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. 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,” he said.</blockquote>

PRESS RELEASE: NMB Overall Bank Of The Year Award Second Runner Up

NMB Zimbabwe Holdings has entered into a partnership with German Bank, ODDO BHF. This partnership will allow Zimbabwean customers to make international payments and to receive money from outside the country. NMBZ Holdings chief executive officer Benefit Washaya said
<blockquote>We are pleased to inform you that NMB Bank has now secured a correspondent agent for USD and EURO clearing with a German Bank, ODDO BHF. Please note that the United States Dollar account is currently restricted to receiving funds, therefore, outward Telegraphic Transfers will be facilitated through EURO, Rand and CNY currencies.</blockquote>
More: The Financial Gazette

NMB In Partnership With German Bank,  Will Allow Locals To Make International Payments

NMBZ Holdings, the holding company of NMB Bank’s h made a profit before taxation of $6 208 904 in 2016.
Mr Washaya drew attention to the difficult operating environment in which the bank had nevertheless achieved an after tax profit of $5,1 million compared to $5,5 million the previous year.
Briefing analysts on Friday on the group’s results for the 2016 financial year, NMBZ chief executive Benefit Washaya said the bank now had lines of credit amounting to $35 million dedicated to exporters, after securing a $15 million line of credit last year from two European developmental financial institutions.
Mr Washaya said the bank’s business was adversely affected in the first half of last year by a negative hoax social media message. However, by June confidence in the bank had been restored, as evidenced by the growth in deposits as at 31 December 2016 compared to deposits Mr Washaya said shareholder’s funds stood at US$54,7million at the end of the year.
More:<a href="http://www.techzim.co.zw/2017/03/press-release-nmbz-achieves-pre-tax-profit-62-million/"> TechZim</a>

NMB Zimbabwe makes a profit of $6.2 million before tax

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