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DAR ES SALAAM – Miners, contractors and businesses in Tanzania’s key economic sectors are set to benefit from improved access to heavy machinery after NMB Bank Plc and Mantrac Tanzania Limited signed a partnership to provide tailored equipment financing solutions.
The agreement is expected to support investment in mining, construction, infrastructure, energy and manufacturing by helping businesses acquire modern machinery without facing the burden of high upfront costs.
The Memorandum of Understanding (MoU) was signed in Dar es Salaam by NMB Chief of Retail Banking, Filbert Mponzi, and Mantrac Business Planning and Operations Director for East Africa Region, Levite Dongmo.
Under the arrangement, eligible customers will be able to finance machinery purchases with an initial contribution of between 20 and 25 percent, while repayment plans will be structured around business cash flows, project cycles and operational needs, subject to the bank’s lending requirements.
The partnership brings together NMB’s financial capacity and Mantrac Tanzania’s expertise in supplying and supporting Caterpillar equipment, including machinery, power generators and related solutions.
Speaking during the signing ceremony, Mr Mponzi said the initiative would help businesses increase productivity and contribute to economic growth.“When we finance machinery, we are not financing equipment alone.
We are enabling roads, mines, industries, jobs and Tanzania’s capacity to build its economic future,” he said.
He said NMB continues to expand financing support for entrepreneurs and small and medium-sized enterprises (SMEs), currently providing more than TZS 200 billion in loans every month.
Mr Mponzi added that the partnership would strengthen access to specialised financing for businesses operating in sectors that require significant capital investment.
For many businesses in mining, construction and infrastructure, the cost of purchasing modern machinery remains a major barrier to expansion. The new financing arrangement seeks to address this challenge by allowing firms to acquire equipment while managing repayment obligations based on their operations.
Under the agreement, NMB will handle customer assessments and financing structures, while Mantrac will provide equipment, technical support, after-sales services and approved maintenance solutions.
Machinery financed through the programme will also come with warranties of between 24 and 36 months, depending on equipment type and project requirements.
Mr Mponzi said reliable equipment would help businesses complete projects efficiently while reducing operational disruptions.
“When machinery operates reliably, projects are completed on time, costs are controlled and the customer’s capacity to repay is protected,” he said.
Mr Dongmo said the partnership would enable more businesses to access world-class equipment and technical expertise needed to expand operations.
“Combining NMB’s financing capacity with Mantrac’s machinery, generators and technical expertise will unlock investment and accelerate growth across some of Tanzania’s most important economic sectors,” he said.
The initiative is expected to improve efficiency among contractors and miners by reducing equipment downtime, supporting timely project completion and directing more financing towards sectors that create employment opportunities and drive Tanzania’s industrial development.
