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. The Fanaka Life Plan integrates insurance with investment, enabling clients to finance future projects across areas such as real estate and education.
The bank’s digital transformation is spearheaded by NMB Mkononi, offering round-the-clock mobile banking, while NMB Kwetu is a diaspora banking service that allows Tanzanians abroad to manage accounts and transfer funds seamlessly. With 96% of transactions occurring outside traditional branches, NMB ensures extensive accessibility.
NMB Bank also integrates ESG principles into private banking, exemplified by the Jamii sustainable bond, which raised TSh212.9 billion (80.7 million) for green and social projects. The bank also allocates 1% of its profit after tax to worthy causes, investing in education, disaster recovery and sustainability initiatives like tree planting and beekeeping projects.
With robust financial performance, pioneering products and a commitment to sustainability, NMB Bank continues to spearhead the development of private banking in Tanzania.
Best international private bank: Stanbic Bank Tanzania
Stanbic Bank Tanzania continues to be the leading international private bank in Tanzania. With a clear focus on family banking, wealth creation, protection and transfer, as well as lifestyle banking, it has transformed its private bank to deliver exceptional financial growth, client experience and digital innovation over the review period.
Stanbic’s private bank experienced noteworthy growth in the awards period, significantly surpassing its profit target. It expanded its lending portfolio, increasing the share of private banking lending clients by a third. Digital adoption meanwhile soared from 54% to 70%, reflecting its commitment to technology and seamless client banking experience.
Stanbic also hired a dedicated client experience manager during the review period, elevating service standards and enhancing engagement with high-net-worth clients. Through strategic client engagement initiatives, it introduced roundtable events, lunches and dinners to foster deeper relationships. The largest 10 clients can also interact directly with the chief executive and leading internal private bankers.
Stanbic invested heavily in its relationship management team over the review period. Relationship managers took part in sales training programmes courtesy of Rain Group, to sharpen business development skills, and improve interactions with high-net-worth clients.
Stanbic transformed its digital presence, going from zero digital coverage to an active social media footprint, reinforcing its brand as Tanzania’s leading private bank. The bank also embraced financial literacy programmes to introduce the next generation to wealth management, thus deepening long-term client relationships.
Through financial excellence, digital transformation and world-class client engagement, Stanbic Bank Tanzania has redefined private banking, solidifying its position as Tanzania’s best international private bank.
Best for sustainability: NMB Bank
NMB Bank demonstrated its commitment to driving social and economic development in Tanzania during the awards period by integrating sustainability goals into its core business strategies. With its strong governance framework, it actively manages climate-related financial risk and environmental challenges in alignment with central bank guidelines.
During the review period, NMB bank pioneered initiatives such as the Jamii Sustainable Bond, raising $73 million to fund social, green and blue economy projects. Sustainability risk analysis is also embedded into its private banking services, ensuring responsible lending practices through rigorous environmental and social risk assessments.
The bank demonstrated its leadership in sustainability via impactful initiatives. In 2024, it allocated an additional TSh2 billion ($756,000) for sustainability and climate action. NMB Bank also prioritises community development via philanthropic investments. The bank commits 1% of post-tax profits to social programmes, with TSh5.4 billion allocated for 2024. As of the end of September 2024, it had invested TSh1.34 billion in projects including school construction in Zanzibar, as well as paying for thousands of school desks.
