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.