The National Bank of Commerce (NBC) has reaffirmed its commitment to supporting Tanzania's tourism sector, citing growing demand for financing and digital payment services. According to NBC's Director of Corporate and Government Banking, Elvis Ndunguru, the bank will continue to develop financial solutions and partnerships to support businesses across the tourism value chain. This move is expected to boost the sector's growth and efficiency.
NBC recently hosted a customer engagement dinner in Arusha, bringing together senior bank executives and representatives of companies and institutions operating in the region. The event provided a platform to discuss business opportunities, financial services, and changing customer needs. Ndunguru emphasized the importance of closer engagement with customers, as technology and changing business models reshape the way companies operate.
The bank has been leveraging technology to improve financial services, including government revenue collection and payments through systems such as the Government Electronic Payment Gateway (GePG) and MUSE. NBC has also developed payment collection solutions for institutions like the Tanzania National Parks Authority (TANAPA) and the Ngorongoro Conservation Area Authority (NCAA). These systems aim to make payments more convenient and improve revenue collection efficiency.
Arusha has become a strategic focus for NBC due to its central position in Tanzania's tourism economy. The region's economy is also supported by agriculture, livestock, trade, and manufacturing. Ndunguru noted that the bank sees significant opportunities to deepen its engagement with businesses across the tourism value chain in Arusha.
NBC's Arusha Branch Manager, Mukiza Aggrey Mboneko, highlighted that tourism businesses can access financing for various purposes, including tourist vehicles, construction, and working capital. The financing needs reflect the breadth of the tourism industry, which extends beyond hotels and tour operators to transportation, accommodation, and conservation-related services.
The bank's increased attention to the sector comes as Arusha experiences economic activity across several industries, creating demand for financial services that can handle both conventional transactions and digital business processes. Tanzania Wildlife Research Institute (TAWIRI) Director General, Dr. Ernest Mjingo, emphasized the importance of digital financial services for institutions and businesses seeking to improve transaction efficiency and revenue collection.
The growing role of digital services in Tanzania's economy is expected to have a positive impact on the tourism sector. NBC's engagement with the sector is likely to support the growth of tourism businesses and improve their access to financing and efficient payment systems. The bank's commitment to supporting the sector is a significant development in Tanzania's efforts to boost its tourism industry.
Key points
- NBC to increase support for Tanzania's tourism sector through financing and digital payment services.
- The bank to deepen engagement with businesses across the tourism value chain in Arusha.
- Digital financial services to improve transaction efficiency and revenue collection in the tourism sector.
