Samia hands over NBC’s Sh354 million crop insurance compensation to farmers affected by hailstorms

Dodoma President Samia Suluhu Hassan, has handed over a cheque worth Sh354 million from the National Bank of Commerce (NBC) as compensation to tobacco farmers who were affected by hailstorms during the previous farming season in various regions across the country.

This compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).

Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assemble Insurance Company.

While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said the crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.

“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme” she said.

Elaborating further on the Crop Insurance service in the presence of President Samia, the Minister of Agriculture, Hussein Bashe, stated that it will help to eliminate the loss farmers have been experiencing due to various calamities beyond their control, including floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector.

"This step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible. As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers," Bashe commended.

On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.

“In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers,: said Mr Sabi.

At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.