The NMB Board of Directors unanimously elected Prof. Joseph Semboja to be the new Board Chairman of NMB with effect from Monday, 5th November 2012. Prof. Joseph Semboja takes over from Mr. Misheck Ngatunga who retired in May 2012.

Prof. Semboja is an acknowledged leader in the field of development economics, with extensive research experience in the areas of growth and poverty reduction. Within the sub-Sahara region he is widely known for his contribution in institutional development and for promoting research and capacity for policy development and implementation. He has an extensive network of individuals and institutions operating in differing environments both nationally and internationally.

Prof. Semboja holds a B.A and M.A from the University of Dar es Salaam, M.SC and Ph.D. from the University of Illinois, Urbana-Champaign. He taught economics at the University of Dar es Salaam, headed a highly regarded think tank, Research on Poverty Alleviation (REPOA), and now heads a leadership capacity building organization, Institute of African Leadership for Sustainable Development (UONGOZI Institute).

The Management and staff of NMB welcomed the appointment of Prof. Semboja, describing him as a highly competent and seasoned board member who will bring value and contribute towards achieving NMB vision of becoming the preferred financial partner in Tanzania.

About NMB:

NMB is the leading retail bank in Tanzania, with 1.7 million customers, 143 branches, and 2,800 employees nationwide. Its customer base is representative of Tanzania as a whole, from Government to the private sector, from multinationals to SME’s, from trade and industry to agriculture, civil servants, salaried employees and reaching out to the unbanked.

The bank has a fully-fledged mix of lending, transactional, savings and treasury solutions for its Retail, Wholesale and Government customers, supported by appropriate technologies, operating real time, on line, nation-wide. NMB pioneered mobile banking in Tanzania with 700,000 registered users and is the largest debit card issuer with over 1.2 million cards in circulation, and close to 500 ATM’s.

NMB is listed on the Dar Es Salaam Stock Exchange (“DSE”) and, with capital adequacy ratio of some 18% is well positioned for continued growth in Tanzania, one of the more rapidly developing economies in sub-Saharan Africa.

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