Dar es Salaam, March 11 -- NMB Bank has signed a Memorandum of Understanding (MoU) with state-owned Zanzibar Seaweed Company (ZASCO) that seeks to unlock the potential of seaweed farming in the island.

NMB Chief Retail Banking, Mr Filbert Mponzi, said at the weekend that the move aligns with the banks ambitious strategy of supporting sustainable economic development in Zanzibar.

“This MoU reaffirms our commitment to support Zanzibars Blue Economy agenda. Our biggest role will be to increase the efficiency of smallholder seaweed farmers in Zanzibar by providing tailor-made banking products, financial literacy as well as technical training right at grassroots level,” Mr Mponzi said.

NMB, one of the leading banks in the countr...