Deputy PM urges NMB to expand insurance policy

DAR ES SALAAM:DEPUTY Prime Minister and Minister for Energy Dr Dotto Biteko has urged NMB Bank to increase the scope of its insurance policy to benefit more livestock farmers across the country.

The insurance product is part of the bank’s commitment to protect livestock farmers against any financial loss related to livestock farming as a result of sudden or unexpected risks.

Speaking at the bank’s pavilion during the closure of the three-day Livestock Show and Auction 2024 organised by the Tanzania Commercial Cattle Society (TCCS) and sponsored by NMB, Dr Biteko said the bank’s insurance initiative will help mitigate livestock-related risks for farmers across the country.

“I am indeed happy about this new policy. It’s a new concept in the Tanzanian market,” he said. The exhibition, held over the weekend, brought together various players in the livestock sector.

The Deputy PM said the population of cattle has shot to 37 million in recent years, but the contribution of the livestock sector to the country’s economy is still very low.

Also read: https://old.dailynews.co.tz/nmb-commits-to-uplift-farmers-welfare/

“This is because of dependency on traditional cattlekeeping practices. The Ministry of Livestock and Fisheries should come up with new strategies to enable livestock farmers to switch to modern livestock farming practices,” Dr Biteko said.

The government has already finalised the Agricultural Sector Master Plan which seeks to address several challenges that continue to hinder the sustainable development of the agriculture sector in the country.

Earlier, the NMB Head, Agri Wholesale Christopher Mwalugenge said the livestock insurance policy covers several types of livestock-related risks, including death and theft among others.

“We understand livestock is important and valuable investment that’s why we protect livestock keepers against sudden loss, that is why the new insurance policy costs only 20,000/- per annum,” he pointed out.

Deputy Minister Livestock and Fisheries Alexander Mnyeti urged livestock keepers during the event to switch from traditional to modern livestock keeping practices.

“We have embarked on a massive modern livestock keeping sensitisation drive across the country, but the response is still very low,” Mr Mnyeti said.

Many livestock farmers in the country continue to rely on traditional livestock farming practices that undermine productivity.