NMB set aside Sh20bn for warehouses

Mbeya. NMB Bank Plc is upping its involvement with financing of agricultural activities in the country and has set aside Sh20 billion to support construction of warehouses across the country, a senior official has revealed.

Speaking to journalists here yesterday at the bank’s pavilion during the ongoing Nane Nane shows, NMB Bank’s retail banking chief Filbert Mponzi said the lender’s overall goal was to enhance the sector by providing financial solutions that are deliberately designed to boost various activities within the agricultural value chain.

“The Sh20 billion will finance construction of warehouses to preserve the harvests. We believe this will be a source of proper preservations to help farmers,” said Mr Mponzi.

NMB Bank, which has disbursed Sh1.56 trillion in agricultural loans during the past five years, is also the main sponsor for this year’s Nane Nane exhibitions and has dished out Sh60 million in support for the event.

Mr Mponzi said NMB Bank was taking part in this year’s Nane Nane event in a deliberate move to provide farmers with an opportunity to learn some of the lender’s products befitting their different needs and financing requirements.

“At our pavilion, we educate farmers in a number of ways, including, financial knowledge which is essential for them in managing their finances,” Mr Mponzi said. Famers, he said, could also visit NMB Bank’s branches to acquire more information on the various insurance products that the lender offers in a bancassurance arrangement with several insurance companies.

The insurance products are meant to cushion farmers, livestock keepers and fishermen against any unforeseen calamity and thus enabling them to work stress-free.

“To farmers, Livestock keepers and those in fishing industry, there are special insurance that are directed to their activities and once they visit our branches, they will be well informed on the insurance packages that they can acquire in relation to their activities,” Mr Mponzi added.