Tanzanian bank National Microfinance Bank (NMB) which was formerly a micro finance bank has publicly paraded former employees who took loans and have defaulted.
According to the notice the bank had issued several notices which the employees failed to honour.
NMB claims that the ex staff members had refused to pay even after they were constantly notified that they should pay. The Tanzanian bank has therefore given the employees 14 days to repay the outstanding loan.
They have been warned that failure to repay within they stipulated time period will be considered as consent to initiate legal action.
NMB is ranked number three in terms of market share in Tanzania, with 12 per cent.
According to the recent Tanzania Banking Survey conducted by Serengeti Advisers, out of 50 commercial banks in the country 10 banks controls 80% of the market.
Federal Bank of the Middle East (FBME) Bank leads with 21 per cent of the market share followed by CRDB Bank with 15 per cent and NMB Bank that boasts 12 per cent.
The 40 other banks control just 20 per cent of the market.
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