TIRA, CRDB partner to boost agriculture
DAR ES SALAAM: TANZANIA Insurance Regulatory Authority (TIRA) and CRDB Bank have joined efforts to strengthen the agriculture sector’s growth prospects by signing a collaborative agreement.
This deal is significant for the agriculture sector and the broader economy as it enhances access to essential financial and risk management services.
Principally, the two entities agreed to finalise agricultural insurance regulations and enhance the capacity of professionals managing agricultural insurance.
By joining efforts, TIRA and CRDB Bank aim to provide farmers and agribusinesses with improved insurance coverage and financing options, helping to mitigate risks from climate change and market volatility.
Strengthening the agriculture sector in this way not only supports food security and rural livelihoods but also drives economic diversification, job creation and sustainable growth across the country.
The deal was reached on Monday during a special meeting between the Commissioner of Insurance, Dr Baghayo Saqware and the Chief Executive Officer of CRDB Bank, Mr Abdulmajid Nsekela in Dar es Salaam.
ALSO READ:
TIRA boss Dr Baghayo Saqware said that, following the 2024 MoU with CRDB to improve the agricultural policy framework, it is now time to proceed with implementation. He noted that the MoU clearly outlines areas of collaboration between the two institutions, urging CRDB to continue facilitating the process.
CRDB MD Mr Nsekela reaffirmed the bank’s commitment to implementing the agreement to enhance efficiency in the agriculture sector.
He said that the bank is planning a collaborative and inclusive process to support the improvement of the agricultural policy. Key focus areas identified in the MoU include policy reforms, the development of insurance products and capacity building for stakeholders involved in the sector.
By improving access to agricultural insurance and tailored financial products, the partnership helps reduce the sector’s vulnerability to climate-related shocks, price volatility and other operational risks.
This is particularly critical in a country where agriculture employs a significant portion of the population and contributes substantially to GDP. With better risk protection and financing options, farmers can make more confident investment decisions, adopt modern technologies and increase productivity.
Additionally, this collaboration can catalyse broader financial inclusion in rural areas, where access to formal banking and insurance remains limited. By leveraging CRDB’s financial infrastructure and TIRA’s regulatory oversight, the initiative could pave the way for scalable, sustainable agricultural finance models.
This not only empowers smallholder farmers but also supports national food security and the long-term transformation of Tanzania’s agricultural value chain.
