Posted on July, 3, 2019 at 10:48 am
NMB Bank has enabled over 200,000 farmers to access financial services in efforts to accelerate agricultural development in the country.
The largest lender in the country in term of profit said yesterday that the idea was to commercialize farming in supportive of industrialisation drive.
NMB’s Agribusiness Commercial Senior Manager, Isaac Masusu said the lender to have come up with a number of tailor-made products to spearhead massive support in agri-business.
“We currently have standby experts who focused on agro-financing countrywide to cement our focus in agriculture business,” Mr Masusu told reporter at just started Dar es Salaam International Trade Fair at Saba Saba Grounds in Dar es Salaam.
The bank has since gave agri-related advances to the tune of 450bn/-and facilitated over 300 farmer organisations countrywide with tailor made products ranging from farm inputs to machine and food industrial operations.
NMB’s Dar es Salaam Zone Manager, Badru Idd, emphasized that the bank was committed in providing tailor made services exclusively for those visiting Saba Saba Trade Fair.
“We are committed in providing tailor made services exclusively for those [farmers], visiting the fair in supporting the theme of this year’s,” he said.
This year Saba Saba fair theme is ‘Agro-processing for Sustainable Industrial development’. NMB agri-loans are term loans that not exceeding ten years.
The loan are designed for normally short, medium and long term investment in agriculture production, agriculture mechanization equipment purchase and storage facilities construction.
Also for irrigation systems, processing units and other agribusiness related investments. The lender said the benefit of the loan is its tenure which is up to 120 months and provides flexibility for farmers to plan and develop their farming enterprise.
Other benefits it provides ample possibilities for farmers to graduate from smallholder level to emerging, commercial and large scale farmer. NMB despite providing agri-loans also has food and agribusiness research and advisory services.
Source: Daily News