EFTA joins forces with key players in supporting Tanzanian farmers

EFTA, an award-winning equipment finance company has teamed up with New Holland Agriculture, Hughes Agriculture Tanzania Ltd (HAT) and CRDB Bank in improving farmers’ welfare in Tanzania.

This in a bid to unlock farmers’ potential in the country.

According EFTA Managing Director Nicomed Bohay, the move also seeks to provide access to finance without collateral to farmers who wouldn’t have met eligibility criteria from mainstream financial institutions.

Mr Bohay insisted that the special segment of SME’s usually referred to as the “missing middle”, are usually locked out from accessing loans from conventional banks.

“The delivery of this transaction, and many more to come, confirms EFTA’s position as a leading financial leasing company in Tanzania,” he said.

HAT and EFTA have been working in partnership for over five years, this is the first time a broader partnership, including New Holland Agriculture and CRDB, has been formed to significantly scale up tractor access by smallholder farmers.

It is expected that this collaboration will significantly increase tractors’ access for smallholder farmers in the country.

Speaking on behalf of HAT, Mr Stuart Leishman, Managing Director, noted that mechanization is the key to ensuring the long-term goal of Tanzania becoming food secure.

“We are proud to be able to play our part in increasing the number of emerging farmers using tractors and implements to improve their yields,” Mr Leishman explained.

The HAT boss exuded confidence that the partnership with EFTA, New Holland Agriculture and the support of CRDB, will create a solution where farmers can acquire New Holland tractors from EFTA, at affordable rates.  He

“This can be done without the various collateral hurdles that might have otherwise prevented them from accessing this equipment previously,” he added.

In his rejoinder, CRDB Bank Group Chief Executive Officer and Managing Director Abdulmajid Nsekela said the support to SMEs in Tanzania demonstrates the financial institution’s readiness and zeal to throw weight behind the country’s agriculture sector.

EFTA has so far financed 330 tractors, and further purchased 200 units of New Holland Agriculture branded TT75 4WD tractors for leasing to smallholder farmers to support the country’s 2025 vision for mechanisation, increase agricultural production, and improve food security.

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