NBC Bank ink deal to boost livestock keeping

Dar es Salaam. The National Bank of Commerce (NBC) has signed a collaborative agreement (Memorandum of Understanding) with the Livestock Keepers Association of Tanzania (CCWT) aimed at providing specialized and preferential financial services to livestock keepers and all stakeholders within the livestock value chain.

The signing ceremony for the agreement took place today at the bank's headquarters in Dar es Salaam, involving senior officials from both sides.

It was witnessed by the Head of Strategic Unit at NBC Bank, Mr. Msafiri Shayo, and the CCWT Secretary-General, Mr. Mathayo Daniel, as they represented their respective institutions in sealing the agreement.

Speaking during the event, Mr. Shayo stated that this step is a continuation of the bank's efforts to grow and improve the value chain of farmers and livestock keepers in the country.

Through empowerment measures, the bank aims to help the stakeholders conduct their activities in a more modernized manner, increase their incomes, and create employment, with the goal of growing their personal economies and that of the nation as a whole.

"Furthermore, we are targeting to increase the production of food and nutrition derived from this crucial sector. Through our various financial services, including loans, we aim to enable the stakeholders in this sector to fulfill their responsibilities by enhancing their efficiency in their activities, including their businesses," he said.

According to Mr. Shayo, under the agreement, livestock keepers who subscribe to the 'Mfugaji Account' service offered by the bank specifically for them will be able to benefit from various privileges.

These include loans for the development of their activities and businesses, profit interest on savings exceeding Sh100,000 per month, and the opening of accounts with no monthly maintenance fees.

Additionally, livestock keepers will receive various insurance covers, including livestock and health insurance, free account statements, affordable cash withdrawal fees regardless of the amount, mobile banking services (NBC Kiganjani), and an NBC Visa card that will enable them to withdraw money from any ATM worldwide that accepts Visa cards or make online and point-of-sale payments.

Elaborating further on this move, the NBC Bank's Head of Small and Medium Enterprises (SMEs), Mr. Raymond Urassa, said it will spur the growth of the livestock sector in the country. Through the program, the bank aims to empower livestock keepers by providing them with loans that will help them increase their production pace and the quality of their products.

"Through the loans that these livestock sector stakeholders will receive, they will be able to fatten their livestock further, increase milk production, afford the costs of quality animal feed, cover the medical expenses for their livestock and themselves, as well as improve various infrastructures related to their investments, including livestock dipping facilities (majosho)," he mentioned.

For his part, Mr. Daniel, while commending and thanking the bank for remembering the important group, said the arrival of these specialized services will greatly assist various stakeholders in the livestock sector to increase the efficiency and quality of their activities. This step will significantly stimulate production and growth of personal and national economies.

"Through this preferential treatment we will receive from NBC, including loan services, financial education, and other services such as health insurance, we expect that our production pace will increase, while we also have the assurance of producing better quality products for the benefit of our customers and the community as a whole... We are very grateful to NBC, and now is the time for us to take advantage of this opportunity," he said.