East African Business Week

DAR ES SALAAM, TANZANIA - The National Bank of Commerce (NBC) has re-launched trade finance services specific for its clients in Arusha and Kilimanjaro regions in northern Tanzania.
The bank expects the services, designed to cater for international trading in the two regions, will provide business solutions to the bank's clients by assisting them to cover and facilitate their import and export financing.
Speaking to the East African Business Week in Dar es Salaam last week, the bank's Managing Director, Mr Lawrence Mafuru said, "We have decided to re-launch the services in Arusha and Kilimanjaro because of the large potential for growth."
Mafuru said the banking products which NBC will offer under the 'Trade Finance' include Letters of Credit, Guarantees, Documentary Collection, Post Import Finance, Pre Export Financing and Post Export Financing.
Commenting on how NBC supports agri-business and Tanzania's agricultural initiative of 'Kilimo Kwanza', Mafuru said NBC has recently signed an MoU with Sokoine University of Agriculture (SUA) for Tsh36.5 million (US$24,330) per year package to enhance various aspects of agriculture.
The NBC, formerly a state-owned bank before it was bought by the South African-based Absa Group Ltd in year 2000, it now accesses its clients to a global banking environment.
The Absa Group Ltd owns 55 per cent shares in NBC while the Tanzania Government has a 30% stake and the International Finance Corporation (IFC) owns the other 15%.