TANZANIA: NMB Bank has said that lack of financial education and discipline in goal management is impeding the success of youth and women in the agriculture sector.
NMB Foundation Coordinator Thobias Mkamate stated at the Conference of Youth and Women for the Sustainable Development of the Agricultural Sector, held at the ongoing Nanenane International Exhibition that the foundation offers agricultural loans covering the entire value chain from starting a farm to planting, weeding, harvesting and market connections.
“…For youth and women, we have expanded our support through the NMB Foundation, where we also provide training,” Mr Mkamate told attendees from various colleges, agricultural institutions and groups involved in the agricultural sector.
NMB provides both short-term and long-term agricultural loans.
Shortterm loans cover agricultural inputs, fishing equipment, breeding and contract farming, while long-term loans are for investments such as purchasing machines, tractors, power tillers, mining wells and constructing warehouses.
ALSO READ: TCB and ZEEA sign MOU to drive inclusive development in Zanzibar
Mr Mkamate said that many young borrowers fail to use their loans for their intended purposes, which undermines their success.
As a result, the lender prioritises providing education, grouping individuals and offering financial training.
Deputy Minister David Silinde praised NMB for its response to the government’s call to reduce agricultural loan interest rates to single digits.
“Since President Samia Suluhu Hassan came to power, agricultural loan rates have dropped to 9 percent,” he said.
Former CCM General Secretary Philip Mangula emphasised that success in agriculture depends on discipline, creativity and dedication.
