The National Bank of Commerce (NBC) has partnered with Mwananchi Communications Ltd (MCL) and KPMG Tanzania in the survey that will identify Tanzania’s top 100 mid-sized companies.
NBC has agreed to provide $60,000 (about Sh90 million) for the first year to facilitate the exercise, and the agreement to this effect was signed at the MCL headquarters in Dar es Salaam yesterday.
Companies that qualify for the Top 100 Mid-Sized Companies survey are those whose annual turnovers range from Sh1 billion and Sh20 billion, according to MCL marketing manager Evelyn Muriithi.
The initiators target a minimum of 1,000 participants from across all industry sectors, Ms Muriithi said at the launch of the survey in Dar es Salaam earlier this month.
Winning companies would be those that would rank ahead of their peers in terms of revenue growth, profit growth, returns to shareholders and cash generation and liquidity.
Speaking at yesterday’s signing of the agreement, MCL managing director Sam Shollei said the survey was part of the media company’s initiatives to support the growth of the private sector, which is seen as the engine of the economic growth.
“We are pleased to partner with NBC in this initiative, as one of the leading banks in the country…and it’s our hope that the survey will result into facilitating growth of the private sector in the country, which is the engine of the national economy,” he said. The Top 100 Mid–Sized Companies survey is an initiative of KPMG and Mwananchi
Communications Limited (MCL) through one of its brands, The Citizen, and seeks to identify Tanzania’s fastest growing medium-sized companies in order to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories.
NBC managing director Lawrence Mafuru commended the initiative, saying the bank was delighted and committed to support the survey that would eventually come up with well-defined company categories, which financial institutions could rely on in supporting SMEs.
“NBC is committed to be a sponsor of the initiative for three consecutive years…we call upon companies in the country to showcase their potentials so that through this initiative they can be able to secure financial support for more growth,” he said. The survey will culminate in a gala dinner for the Top 100 mid-sized companies next May.
A conference and exhibition, which will provide networking, marketing and educational opportunities, will also be held around the same time.
The top 100 firms will also join a prestigious club of ‘prosperity creators’ where they will enjoy certain privileges, including networking with suppliers and policymakers.
KPMG Tanzania country leader David Gachewa said this was the first time the survey was being conducted in the country. Similar surveys have been conducted three times in Kenya, twice in Uganda and once in Rwanda.