The Deputy Prime Minister and Minister for Energy, Dr. Dotto Biteko has commended NMB Bank for unveiling a livestock insurance policy geared towards mitigating livestock-related risks for farmers across the country.

The Deputy Prime Minister and Minister for Energy, Dr. Doto Biteko has commended NMB Bank for unveiling a livestock insurance policy geared towards mitigating livestock-related risks for farmers across the country.

The insurance product is part of the bank’s commitment to protect livestock farmers against any financial loss related to livestock farming created by sudden or unexpected risks.

Speaking at the bank’s pavilion during the closure of the three-day Livestock Show and Auction 2024 organized by the Tanzania Commercial Cattle Society (TCCS) and sponsored by NMB Bank that brought together various players in the livestock sector at the weekend, Biteko said the bank’s initiative was a new concept urging the lender to increase the scope of the insurance policy so as to benefit more livestock farmers across the country.

Biteko said the population of cattle has shot to 37 million in recent years but the contribution of the livestock sector to the country’s economy is still very low.

“This is because of dependency on traditional cattle keeping practices. The Ministry of Livestock and Fisheries should come up with new strategies to enable livestock farmers to switch to modern livestock farming practices,” he said.

Biteko said the Government has already finalized the Agricultural Sector Master Plan that seeks to address several challenges that continue to hinder the sustainable development of the agriculture sector in Tanzania.

“As a bank, we understand livestock are important and valuable investments and protecting insureds against sudden loss helps keep farms and ranches running smoothly that is why we came up with this new insurance policy at only costs 20,000/-per annum,” he
He said his bank remains focused on protecting the insured’s investments by providing customized livestock insurance coverage to secure their herd’s future as well as the future of their business.

“As a ministry, we have been embarking on a massive modern livestock keeping sensitization drive across the country, but the response is still very low. Many livestock farmers in Tanzania continue to rely on traditional livestock farming practices that undermine productivity.  Gone are the days when cattle keepers travelled long distances in search of pasture,” he said.