Bank targets farmers to formalize rural finance 

DAR ES SALAAM: The National Bank of Commerce has launched its “Wekeza NBC Shambani Ushinde” campaign in Ruvuma Region, targeting financial inclusion and productivity in agriculture.

The initiative focuses on improving financial literacy and access to services across key value chains of sesame, soybean, pigeon peas and tobacco in Songea District, Namtumbo District and Tunduru District.

The campaign was launched in Namtumbo, bringing together farmers, cooperatives and development partners. Speaking at the event, the area District Administrative Secretary Francis Ngoroka said limited access to finance, knowledge and risk management tools has constrained growth in the region.

“What sets this initiative apart is its deliberate focus on instilling financial discipline and long-term planning among farmers and cooperative societies,” he said. “By promoting savings culture, expanding access to insurance including health and crop coverage and encouraging investment in modern farming technologies, this campaign lays a strong foundation for sustainable agricultural transformation.”

He added that integrating farmers into formal financial systems could strengthen resilience and competitiveness in the sector.

“With its integrated approach combining financial access, knowledge empowerment, and incentive-driven participation, the NBC Shambani campaign stands as a powerful catalyst for transforming our district’s agricultural landscape and improving the livelihoods of farming communities,” he said.

NBC’s Head of Retail and Agribusiness Banking, Raymond Urassa, said the four-month programme, running from June to September, will provide training alongside financial services such as crop and health insurance, agency banking, digital platforms and financing for inputs and mechanisation.

The campaign also includes incentives of smartphones, motorcycles and laptops, mostly to encourage participation among individual farmers and cooperative societies. Participants must open and actively use campaign-linked accounts.

“At its core, this campaign is about shifting farmers from informal to formal financial ecosystems,” Mr Urassa said. “We are offering zero monthly fee accounts, accessible financing for farm equipment such as tractors, and tailored credit facilities for cooperatives to support input acquisition and overall productivity. This is about building a financially empowered farming community.”

He said the initiative aligns with government targets to increase agricultural growth from 5 percent to 10 percent by 2030.

Farmers in Namtumbo say access to insurance and financial training could help manage risks and improve planning. Shida Ntine of Mliwasi AMCOS highlighted the importance of risk protection and financial skills.

“For us, access to health and crop insurance is a game-changer, especially in managing risks that are beyond our control,” she said. “Equally important is the financial education we are receiving, which will enable us to better plan, invest, and manage our incomes. This initiative will truly make a difference in our lives and for our families.”

Another farmer, Ismail Said of Twendepamoja AMCOS, also pointed to the accessibility of the services as a key factor in uptake.