Mpango stresses financial education for farmers

VICE-PRESIDENT, Dr Philip Mpango has called upon financial institutions to use the  annual Nanenane Agricultural exhibitions taking place at national level in Mbeya Region to educate farmers on financial related issues.

Dr Mpango made  the call  here  on Tuesday when he toured  National  Bank of Commerce (NBC) pavilion at John  Mwakangale  grounds  in the region.

The VP  said the move will help  farmers to increase their understanding  of financial issues so that they can make informed decision in taking up loans.

“I am pleased to see that NBC has given priority the issue of education on various issues related to finance by allocating special area for educating people on various services offered by the bank  especially interest rates and investment  by farmers… congratulation for such step which I would like other financial institutions to emulate,” Dr  Mpango said.

Explaining about various services offered by the bank especially to farmers, NBC’s Head of Small and Medium Enterprises (SMEs), Lariba and Agriculture Department Raymond Urassa   said his bank has continued  to come up with  more products  meant for farmers.

He said the bank offers loans for agricultural equipment such as tractors and harvesting machines. It also offers agriculture insurance, special finance education to farmers and links farmers with bank networks to easily access the services.

“For this year alone we have already provided 69 tractors to farmers on loans and other loans for combine harvesters in order to  encourage the use of  modern  tools in agriculture sector…through  loan  insurance service, the bank in collaboration with  Jubilee  Insurance  we are  expecting  to  pay compensation  to tobacco farmers  whose crops were affected  with rains in the  last agricultural season,” he said.

Detailing on financial education for  farmers, Urassa assured  Dr Mpango  NBC would use the exhibitions  to educate more farmers  so that they can have proper understanding  on their services  and use various opportunities offered by the bank.

“We discovered that most of the farmers   have no understanding on interest rates thus they were taking loans without knowing the rates  that is why we have given priority in educating them,” he said.

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