NMB Bank Plc has unveiled the first “Sandbox Environment” in Tanzania for local fintech startups in an effort to spur technology innovation and improve financial service delivery in the country.
The sandbox allows startups to collaborate with the bank in order to develop and provide new financial solutions.
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CEO Ruth Zaipuna said that NMB Bank Plc is supporting the initiative with a funding package of Sh1 billion to seed fund solutions and inventions with marketability credentials and transformative potential to take local banking to new heights.
“The Sandbox Environment is a platform that allows startups to experiment, test and pre-certify integration with our banking services,” she said.
Here Is What You Need To Know
- Startups and tech-savvy Tanzanians will be given a simple opportunity to connect solution innovations with NMB Bank platforms in order to test their marketability.
- After receiving the necessary authorization from the Bank of Tanzania, this will be carried out (BoT).
What Projects Are Accepted Under The Sandbox Environment?
- Acceptance of deposits;
- Lending related services.
- Financial leasing;
- Money transmission services;
- Issuing and administering means of payment including but not limited to credit cards, travellers’ cheques and bankers’ drafts;
- Guarantees and commitments
- Trading for own account or for the account of customers in -Money market instruments such as cheques, bills and certificates of deposits and foreign exchange Financial futures and options; Exchange and interest-rate instruments; Transferable securities; Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings;
- Money broking;
- Portfolio management and advice;
- Safekeeping and administration of securities;
- Credit reference services;
- Safe custody services;
- Development financing
- Mortgage financing
- Other services as permitted by the Bank of Tanzania
How To Apply
Fintech startups in Tanzania interested in applying for NMB Sandbox environment should visit here.
NMB Sandbox fintech Tanzania NMB Sandbox fintech Tanzania
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer