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NMB Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

NMB Bank Plc suits Tanzanian salaried workers and savers who want a fixed account carrying no monthly charge, plus a lender that deals directly with employers. The fixed account takes TZS 500,000 as a minimum deposit and runs for 1 to 12, and taking money early costs the accrued interest.

Key facts

Best for
Tanzanian savers after a fixed rate with no monthly charge, and salaried staff who bank with their employer.
Rate type
Fixed↗
Term
1 to 12 months↗
Minimum deposit
TZS 500,000↗
Access terms
Written cancellation notice to access funds before maturity, which forfeits accrued interest↗
Monthly fee
TZS 0↗
Account kind
Fixed↗
Legal entity
NMB Bank Plc↗
Headquarters
Tanzania↗
Founded
1997↗
Support channels
Phone, Email, Help-centre↗
Pricing model
No monthly fee, Fixed rate
Official website
nmbbank.co.tz

Loans

Loan amount
TZS 80,000,000↗
Lender type
Direct lender↗
Free early repayment
Yes↗
Eligibility
Contractual or permanent employees of government and private institutions, with salary channeled through an NMB account↗
Loan types
Personal↗

Mortgages

Initial rate
17%↗
Maximum loan to value
90%↗
Purpose
Purchase, Remortgage, Equity-release↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedInXfacebook.com

Pros and cons

Pros

  • The fixed account charges a monthly fee of TZS 0 and pays a fixed rate over a term of 1 to 12.
  • Repaying the personal loan early is free of charge, so borrowers can clear the balance sooner without a penalty.
  • Personal lending runs to TZS 80,000,000 for staff whose salary is channeled through an NMB account, and mortgages start at an initial rate of 17%.
  • Support runs on phone, email and help centre, and the bank has traded since 1997.

Cons

  • The minimum deposit is TZS 500,000, while the median minimum deposit across savings listings is €0.17.
  • Written cancellation notice is needed to take money out before maturity, and the interest accrued so far is forfeited.
  • The rate is fixed, so it will not follow a rise in market rates the way a variable rate would.
NMB Bank

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Scored 9.0 / 10 by SumCue.

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Who it suits

  • Savers who want the return locked in, since the account pays a fixed rate rather than a variable one.
  • Homebuyers weighing an initial mortgage rate of 17% with a maximum loan to value of 90%.

Who should look elsewhere

  • Anyone who wants the rate to move with the market, since Wise pays variable.
  • Savers who need to withdraw part of the balance without giving written notice first.
  • Borrowers priced out by a minimum deposit of TZS 500,000, where an easy access account is the better shape.

How NMB Bank compares

Where NMB Bank is available

Available
Tanzania

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does the fixed account cost to hold?+

The monthly fee is TZS 0 and the minimum deposit is TZS 500,000. The rate is fixed, set for the whole term of 1 to 12 rather than moving with the market. Support is by phone, email and a help centre (phone, email and help centre).

How much do I need to put in to open it?+

The minimum deposit is TZS 500,000. The median minimum deposit across savings listings is €0.17, so the floor here sits above the middle of the market. Easy access accounts make up 75.4% of savings listings if that entry level is too high.

How long do I have to leave the money in?+

Terms run 1 to 12 on the fixed account. Term deposit listings elsewhere on the site have a median term of 12 months, so this is a short commitment by comparison. Fixed accounts account for 83.8% of that ranking.

Can I reach my money before the term ends?+

Access terms require written cancellation notice to withdraw before maturity, and taking the money that way forfeits the interest accrued so far. Plan around the full 1 to 12 before committing, since the notice rule covers every withdrawal ahead of maturity.

Is there a charge for clearing a personal loan early?+

Repaying the personal loan early is free of charge, so a borrower can settle the balance sooner without a penalty. That suits anyone whose salary is set to rise. The amount available is TZS 80,000,000 and eligibility rests on salary being channeled through NMB.

What do the mortgages cost?+

The initial mortgage rate is 17% and the maximum loan to value is 90%, covering purchase, remortgage and equity release. NMB lends directly (direct lender), so the application sits with the bank rather than a broker, as 91.2% of listings in the savings ranking do.

Is the savings rate fixed or variable?+

The rate is fixed. Worth weighing, because 69.3% of savings listings pay a variable rate, so a fixed return is the exception rather than the norm. Wise pays variable and bunq pays variable.

Where is the bank and how long has it traded?+

NMB Bank Plc (NMB Bank Plc) is headquartered in Tanzania and has traded since 1997. Support runs on phone, email and help centre, so the bank can be reached by phone, by email or through its help centre.

Sources

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Headline rate, Deposit protection.

NMB Bank

NMB Bank

Tanzanian savers after a fixed rate with no monthly charge, and salaried staff who bank with their employer.

9.0/10See alternatives