THE National Microfinance Bank has been named the best bank in Tanzania in the East African Bank Awards for 2014.
In the awards ceremony held here on Wednesday evening, Stanbic Bank won the first runner up position for Tanzania and the young and fast upcoming Bank M was named the third best in the country.
Only four banks from Tanzania featured in the competition that was dominated by banks in Kenya and that scooped most of the awards.
The annual competition is organised by Think Business Limited of Kenya to enhance competition among banks with a view to promote efficiency and expansion in provision of financial services in the region.
FBME Bank was named the best bank for Tanzania in the category of customer satisfaction.
In the same category, Bank of Kigali was named the best bank for Rwanda, Cetenary Bank of Uganda the best bank for Uganda and Diamond Trust Bank of Kenya the best bank for Kenya.
Equity Bank Group of Kenya was named the best bank in the East African region followed by Kenya Commercial Bank and Diamond Trust Bank that held the first and second runner up position in the region respectively.
Equity Bank topped other banks in the East African region in the category of Product Marketing whereas Rafiki Microfinance Bank became the first runner up and Housing Finance Bank and Kenya Commercial Bank jointly occupied the second runner up position in the category.
Equity Bank had also emerged the first in the East African region in the category of banks with lowest charges.
It was followed by Prime Bank and Housing Finance Bank. It occupied the second position in two categories of Mobile Banking and Agency Banking and the third position in Asset Financing category.
According to the organiser of the competition, the banks were surveyed in areas of loyalty, trust and corporate image, technology and communication, first point of interaction and fast and efficiency in service delivery.