NMB BANK AND TADB FULFIL THE GOVERNMENT’S DREAM TO DEVELOP MORE FINANCIAL SERVICES TARGETING SMALLHOLDER FARMERS

Deputy Minister for Agriculture, Hussein Bashe (second right), speaks to journalists in Dar es Salaam recently, when NMB Bank inked a partnership agreement with Tanzania Agricultural Development Bank (TADB), whereby NMB will provide the financing while TADB will provide a 50 per cent loan guarantee. Second left is NMB's Acting Managing Director, Filbert Mponzi and first right is TADB Managing Director, Japhet Justine. First left is NMB Head of Agribusiness, Isaac Masusu.

Dar es Salaam – September 19, 2019: To ensure that the 2019/2020 season results in a good year for farmers in the cashew regions of Lindi, Mtwara, Ruvuma and Coast, NMB Bank has entered into a partnership agreement with the Tanzania Agricultural Development Bank (TADB) where NMB will provide the financing and TADB will provide a 50% loan guarantee.

Tanzania Agricultural Development Bank, as the Administrator of the Smallholder Credit Guarantee Scheme (SCGS), signed the SCGS Agreement with NMB Bank PLC on 01st August 2018 to start operationalization of the fund.

As of to date, through the TADB Small Credit Guarantee Scheme (SCGS), NMB has disbursed a total of TZS 14.3 Billion, financed to thirty-two (32) different AMCOS that have a total of 14,310 individual member farmers engaged in the sugar cane, the cashew and the coffee subsectors from Coastal, Morogoro, Songwe, Arusha, Kilimanjaro, Lindi and Mtwara Regions.

For the month of September 2019 (only), NMB has approved and financed TZS 9,355,385,000 to 2,997 smallholder cashew nut farmers from Mtwara, Lindi, Ruvuma and Coast Regions through TADB SCGS. These farmers are in need of financial assistance to procure farming inputs for the new season.

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