NMB ups its stake in Zanzibar’s tourism as hoteliers unite

Zanzibar. NMB Bank Plc is upping its stake in Zanzibar tourism in an effort to play an increasingly important role in the growth of the most important economic sector in the Isles’ economy.

Through its involvement with the newly-formed Hotel Association Zanzibar (HAZ), NMB Bank Plc said at the weekend that apart from several tourism-related products that were already on offer in Zanzibar, the lender was also bringing several others in the coming few weeks.

“You shall recall that we launched our E-Commerce Payment Gateway and our UnionPay products right here in Zanzibar. The products are meant to aid transactions associated with tourism. With our partnership with HAZ, we are soon going to do much more, including a special card for tourists,” said the bank’s chief of retail banking, Mr Filbert Mponzi.

He was speaking during an event to officially launch HAZ which was graced by Zanzibar’s Second Vice President, Mr Hemed Suleiman Abdulla.

With its bancassurance products, the bank has entered into partnerships with ten insurance firms, including the Zanzibar Insurance Corporation.

“If taken seriously in Zanzibar, this could offer a lasting solution to such accidents as fire that raze hotels time and again and other risks associated with the tourism sector…Hotels could look up to using bancassurance to mitigate risks associated with damage of properties such as hotels, boats and yacht among others,” he said.

NMB Bank Plc’s ATM machine that has the ability to exchange foreign currency will soon be set up at Amani Karume International Airport Zanzibar.Gracing the event, Mr Hemed Suleiman Abdulla said the coming of HAZ should help to invigorate the tourism industry which had been facing several challenges associated with the Covid-19 pandemic.

“HAZ members should also join hands with the government in preparing a comprehensive recovery plan,” he said.

He said when he inaugurated the House of Representatives in November last year, President Dr Hussein Mwinyi assured investors that his country would leave the doors open for their engagement in creating jobs in line with the government’s Blue Economic model.

HAZ, he said, must work with Zanzibar Association of Tourism Investors (Zati) and Zanzibar Association of Tour Operators in promoting the Isles’ attractions globally.According to the HAZ chairman, Mr Paolo Rosso, last year, Zanzibar received 528,425 tourists who earned the country a total of $426 million in forex earnings.

There were 582 hotels with a total of 9,860 rooms in Zanzibar.

Tourism accounted for 82.1 percent of Foreign Direct Investment (FDI) in Zanzibar, he said, noting that each year, ten new hotels were being built in the Isles, each consuming $30 million in average investment.

“The amount that each tourist spends in Zanzibar has also gone up from an average of $80 per day in 2015 to $206 in 2020,” he said.

HAZ will be the principal voice of all hotels in Zanzibar on issues pertaining to the sectors’ engagement with the government and other agencies.

NMB Bank employees in a group photo with the guest of honor and HAZ Board of Directors.

NMB Bank Chief of Retail Banking receives a certificate of appreciation from Zanzibar’s second vice president, Hon. Hemed Abdulla to recognize the bank’s role towards the development of the tourism sector in the isles.

NMB Bank Chief of Retail Banking, Filbert Mponzi speaks during the launch of Hotel Association of Zanzibar at an event held in the isles over the weekend.

NMB Bank Chief of Retail Banking, Filbert Mponzi welcomes Zanzibar’s Second Vice President, Hon. Hemed Suleiman Abdulla who was the guest of honor at the launch event.