NMB Bank offers multi-billion shilling guarantees to mining stakeholders

NMB Bank has announced new financial opportunities for stakeholders in Tanzania's mining sector. The bank is providing bid bonds of up to US$11 million that do not require asset collateral, alongside advance payment guarantees and performance guarantees valued at up to 11 billion Tanzanian shillings.

These services aim to reduce financial barriers for miners and service providers, enabling them to participate in tenders and execute large-scale business contracts. During an NMB Business Executive Network event involving gold miners from the Chunya, Mbeya, and Songwe regions, bank officials emphasized that these measures are intended to support business growth and provide financial education to clients.

Representatives from the Tanzania Mining Service Providers Association (TAMISA) and the Mbeya Regional Miners Association (MBEREMA) participated in the discussions. Stakeholders requested that the bank consider allowing mining licenses to serve as collateral for loans to assist small-scale miners.