(February17, 2016. Dar es Salaam)The National Microfinance Bank has teamed up with global humanitarian giant CARE International to develop a unique financial inclusion model aimed at serving thousands of savings and loans groups in the country. Through the partnership, CARE and NMB hope to provide financial solutions to over 10,000 financially-excluded groups which is equal to over 250,000 individuals across the country. 

“Through our partnership with Care, we take a significant step towards reducing Tanzania’s dependence on cash, and enhancing financial inclusion in the country. Achieving these two equally significant goals will result in a more empowered, inclusive economy, where those who are already included in the financial mainstream are able to better live the lives they want – and where those who aren’t included have an opportunity to join the financial mainstream, participate in the formal economy, and build more self-determined lives,” says NMB Managing Director Ms. Ineke Bussemaker .

“CARE Tanzania is proud to be partnering with the National Microfinance Bank. Through this partnership we hope to provide access not only to the more than 10,000 VSLAs CARE has formed nation-wide but to tens of thousands of similar groups as well,” says CARE Tanzania Country Director Paul Daniels.

 The new product also holds promise for reaching [NMB’s? BOT’s?] goal of increasing financial inclusion among women in Tanzania. Nearly 80% of all VSLA members are women.

 “As a result of this effort, more women, their households and community will benefit through economic empowerment. This will also improve their voice and status in the community.” says Oliva Kinabo, Gender Coordinator at CARE Tanzania.

Ms. Bussemaker noted that NMB in particular is leading bank-led financial inclusion, thanks to the fact it has the largest number of customers, branches and ATMs in the country. With this magnitude of accessibility, both partners are confident that with CARE estimated over 40,000 group constituting of over one million members in major cities of Tanzania- is it clear that NMB will be able to serve this segment much closer than any other.