VICE President has urged NMB Bank to extend its reach to a larger audience to provide education on insurance, particularly targeting operators and users of motor vehicles.

Dr. Mpango made the directives on Monday during his visit at the bank’s exhibition booth as part of the 50th anniversary celebrations of the National Road Safety Council held at Jamhuri Stadium in Dodoma.

In collaboration with Sanlam and Reliance Insurance Company Tanzania Ltd, the bank served as the main sponsor for the celebrations, marking the third consecutive year of their sponsorship.

The VP emphasized the importance of insurance for motor vehicle users, noting that many people lack adequate knowledge about its significance.

 He stated that the bank has the capacity to reach more Tanzanians as it is a trusted institution.

"Many people don't see the value of insurance. If nothing happens in the first to fourth year, they tend to drop it. The bank can effectively handle this task. I urge you to take it on because the protection of a motor vehicle lies in insurance, and nothing else," said Dr. Mpango.

He pointed out that some perceive that insurance primarily benefits banks and companies, which is not true. He urged for more educational initiatives, particularly targeting motorcycle operators known as Bodaboda, declaring the bank as an appropriate partner for this effort.

Martin Massawe, bank’s head of Bancassurance, ,l explained that the bank offers a system enabling motor vehicle users to purchase insurance at affordable rates.

Massawe mentioned that the bank offers insurance starting at as little as 200/- per month, with motor vehicle users encouraged to take up policies from 10,000/- —a feasible amount for this group.

According to Massawe, the bank has engaged in discussions with driver associations in the country, with positive outcomes as many have already enrolled in vehicle and life insurance policies. He affirmed the bank's commitment to intensifying its education efforts.

Massawe also highlighted the priority given to Road Safety Week, which underscores their continued sponsorship for three years.