Traders verified for fire insurance after the Mashine Tatu blaze
NMB Head of Insurance, Martin Massawe, says the bank has taken swift action to ensure affected customers continue accessing financial services without disruption. PHOTO | FRIDAY SIMBAYA
What you need to know:
- The blaze broke out in the early hours of last Saturday, July 12, 2025, destroying goods and property worth millions of shillings and significantly affecting families who relied on the market as their main source of income.
Iringa. NMB Bank’s Iringa branch has launched a verification exercise for traders affected by the recent fire that ravaged a significant section of Mashine Tatu Market in Iringa Municipality.
The exercise aims to assess the extent of losses incurred by the bank’s clients operating within the market, to determine potential support mechanisms, including compensation through fire insurance.
Speaking to The Citizen on Friday, July 18, 2025, NMB’s head of insurance, Mr Martin Massawe, said the bank was deeply affected by the tragedy and had acted swiftly to ensure its customers continue to access financial services without disruption.
Traders, NMB Bank, and Reliance Insurance Company (T) Limited officials during the verification exercise following the Mashine Tatu Market fire in Iringa. PHOTO | FRIDAY SIMBAYA
“We aim to prioritise our customers who were severely affected by the fire by offering them financial support, which may include emergency loans or restructuring of existing facilities,” said Mr Massawe.
The blaze broke out in the early hours of last Saturday, July 12, 2025, destroying goods and property worth millions of shillings and significantly affecting families who relied on the market as their main source of income.
Mr Massawe added that the bank had visited some of the traders who had since relocated to Mlandege Market to continue their businesses.
He said they were working closely with Reliance Insurance Company (T) Limited to verify claims and facilitate prompt compensation.
A section of Mashine Tatu Market recently gutted by an overnight fire that affected over 500 traders, leaving their properties reduced to ashes. PHOTO | FRIDAY SIMBAYA
“We are conducting the verification jointly with Reliance Insurance to ensure clients whose loans are covered by fire insurance are compensated quickly so they can resume their businesses,” he noted.
He also urged Tanzanians to appreciate the importance of insurance before disasters occur, and encouraged them to take steps to safeguard their businesses and assets.
The verification exercise is expected to conclude within a few days, after which findings will be submitted to the bank’s senior management for further action.
In another development, some of the traders who took part in the exercise expressed gratitude to NMB Bank for its concern and solidarity during this difficult time.
The Mashine Tatu Market Chairman, Mr Jafari Sewando, popularly known as Osama, said the traders were encouraged by the bank’s response.
Another view of the Mashine Tatu Market, where a recent overnight blaze destroyed goods and stalls belonging to over 500 traders. PHOTO | FRIDAY SIMBAYA
“Initially, we did not appreciate the value of insurance as we thought it was just like any other service. But following this disaster, we now truly understand its importance. We urge fellow Tanzanians to embrace insurance,” said Mr Sewando.
The fire, the cause of which is still unknown, destroyed more than 86 stalls at Mashine Tatu Market in Miyomboni Ward, Iringa Municipality, leaving over 500 traders at risk of losing their capital and stock entirely.
