Tanzanian farmers strike gold in PASS Leasing’s loans system at the Nanenane Exhibition

MWANZA: PASS Leasing Company said it continues to enable Tanzanian farmers to obtain agricultural loans without collateral in its efforts to help them abandon the use of inferior tools and use modern technology and materials in agricultural activities.

 Wholly owned by PASS Trust, the company registered under the Companies Law of Tanzania and regulated by the Bank of Tanzania (BOT), empowers agricultural value chains to reach their maximum potential through access and usage of sustainable technologies.

Speaking at the ongoing Nanenane  Agricultural Exhibition at Nyamongholo grounds in Mwanza, the company’s representative, Mr Aziz Msangi, said PASS Leasing is focused on ensuring that farmers have the opportunity to obtain loans that will enable them to own modern agricultural tools and equipment.

“We are here to ensure that farmers stop using inferior agricultural concepts and start using modern materials,”Mr Msangi said.

He said the company provides loans to farmers in various sectors, including crop farmers and livestock farmers, noting that one of the challenges facing many farmers is the lack of collateral when they need to borrow from financial institutions.

Mr Msangi said that due to this situation, PASS Leasing has come up with a plan to enable farmers to obtain loans without requiring collateral.

“Many farmers face the challenge of not having collateral to borrow from financial institutions. We have come to provide these loans without any collateral,” he said.

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In addition, He advised farmers to ensure that they have agricultural insurance and the assets they use in their activities to be protected in case tools or equipment malfunction or get damaged.

“It is important for farmers to have insurance. PASS Leasing advises farmers to take out insurance so that, when the equipment malfunctions or other challenges occur, they can get help,” he said.

He said the use of technology and better agricultural tools is important in increasing productivity, reducing production challenges and enabling farmers to carry out their activities more efficiently.