NMB Bank gets $60mln lines of credit, eyes additional $40mln funding

NMB Bank gets $60mln lines of credit, eyes additional $40mln funding

HARARE, November 23 (The Source) — 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 on Friday 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.