By Our Reporter, Mwanza
NMB Bank has challenged businesses in Mwanza, Mara and Geita to accelerate their shift to digital payments and modern financial tools, saying technology is increasingly becoming critical to winning new customers and expanding into new markets.
The bank said businesses that continue relying heavily on traditional payment and financial management systems risk being left behind as customers increasingly demand faster, safer and more convenient ways to transact.
Speaking at the NMB Business Executive Network forum in Mwanza, NMB Head of Business Deogratius Shirima said technological changes and evolving customer expectations were forcing businesses to rethink how they operate.
“Technology and changing customer expectations require businesses to adapt. The way businesses receive payments and manage their finances must also evolve,” Mr Shirima said.
He said NMB’s digital payment solutions and NMB SME World Business Credit Card were designed to make domestic and international transactions easier while giving businesses greater flexibility in managing their operations.
Mr Shirima also highlighted improvements in the bank’s Bank Guarantee services, saying eligible businesses could now access unsecured bid bonds of up to $10 million without providing collateral.
The facility, he said, could help businesses participate in larger tenders and compete for more opportunities without the immediate burden of securing assets as collateral.
Meanwhile, NMB Head of SME Banking Leah Mwakang’ata urged entrepreneurs to draw a clear financial line between their personal and business finances by maintaining dedicated business accounts.
She said mixing the two made it difficult for business owners to accurately assess performance, while proper separation could help them track income and expenditure, build a stronger financial history and qualify for appropriate financial services.
“A business needs a clear financial trail. Separating personal and business finances helps entrepreneurs understand their performance and build a stronger financial profile,” Ms Mwakang’ata said.
TCCIA Mwanza chairman Gabriel Mugini said the region continued to offer significant opportunities for investment, urging businesses to make better use of financial and technological solutions to scale up.
He said embracing technology would be key to improving competitiveness and enabling local businesses to take advantage of emerging opportunities.
The forum brought together business leaders and entrepreneurs from Mwanza, Mara and Geita to discuss financial solutions, digital payments and strategies for expanding businesses in an increasingly technology-driven economy.