Moshi: Tanzania’s thriving hub of budding entrepreneurs

Moshi: Tanzania’s thriving hub of budding entrepreneurs

The town of Moshi often serves as a gateway to the majestic Mount Kilimanjaro, but this town also boasts a unique identity. My recent visit, unlike previous hurried stops, accorded me the opportunity to know Moshi a bit more intimately.

Eager to explore Moshi upon arrival, I wasted no time after checking into my hotel. While chatting with the maître d’, a breakfast recommendation kept popping up: Chris Burger. Intrigued by the repeated suggestion, and my rumbling stomach, I decided to head there. During my walk, I called some friends in Moshi to let them know I’d arrived. One friend suggested we meet for breakfast. To pass the time, I wandered into Viva Supermarket – you can learn a lot about a place by browsing its shelves. Guess where my friend took me when he arrived? Chris Burger!

I met the cafe’s namesake, Christopher Aikawo Shayo. I told him how curious it was to have heard of his café three times in one hour from different people. I took his number promising to find time to talk to him later.

Shayo, now in his seventies, a hotelier with a remarkable history, holds encyclopaedic knowledge of Moshi. He recounted his journey, from launching coffee bars for Tanzania Tourist Corporation (owner of many a state-owned hotel then) to opening Chris Burger in 1980, which blossomed from a humble alleyway eatery to a thriving enterprise. His story mirrored the path of many in Moshi.

One of the things that a visitor in Moshi observes is that, despite its popularity, Moshi is not that big. There are very few high-rise buildings if you can call them that. But it is quite ominous to see that there are very few buildings rising. Yet, delve deeper, and a different narrative unfolds. The deaths of industries like Kibo Match, coffee processing, tanneries, and machine tools forced residents to carve out their own entrepreneurial paths. While that fosters innovation, a crucial element remains elusive – growth.

“Unfortunately, Moshi’s town centre isn’t growing,” declared Chris. “It is very difficult to do business here. While people start earning their stripes as entrepreneurs here, they soon have to leave to find better prospects elsewhere. In that sense, Moshi is Tanzania’s entrepreneurial oasis, a launchpad for many a business enterprise in other regions.”

For those of us who spent significant time in the north, we cannot think of Moshi without comparing it with Arusha. These are supposed to be twin cities – they are all in the northern tourist circuit with significant social and cultural cross-fertilisation, they both use Kilimanjaro International Airport, but the two cities are remarkably different. While Arusha is dynamic and growing rapidly, Moshi is not so much. Similarly, tourism thrives in Arusha, but in Moshi people who come to climb Mount Kilimanjaro usually don’t plan to spend nights there, leaving hotel business struggling. I hear that 160 hotel rooms within an NSSF commercial complex have remained vacant for years.

While a relatively small population, limited employment and money circulation restrict local businesses from reaching their full potential, Moshi isn’t without its strengths. Traditionally, the town boasts a strong academic scene. It was once a haven for competitive secondary schools when such options were scarce elsewhere. While Moshi’s secondary education may not be as dominant anymore, its tertiary education flourishes. With over a dozen colleges and universities, Moshi surpasses most regions in Tanzania that lack even one degree-offering institution within their borders.

This academic strength is particularly evident around the KCMC area, accessed through Lunguo Road. Here, universities like Mwenge, KCMC, and Ushirika create a vibrant atmosphere. Nightlife thrives, businesses are successful, and the Shanty Town and KCMC neighbourhoods pulsate with life. This robust academic environment might just be the key to Moshi’s revival after all as young men and women flock from across the regions to get some education and ultimately settle in Moshi.

A new trend is emerging in Kilimanjaro – cultural tourism. While the Chagga people traditionally return to their ancestral lands around Kilimanjaro during holidays, this cultural celebration is increasingly attracting visitors. This influx of tourists is boosting the people’s economic prospects as houses are opened for Airbnb arrangements.

This trend shows no signs of slowing down. Moshi, despite its limitations in growth, is overflowing with bank branches. This is a testament to the ongoing flow of money. Chagga people working elsewhere send their earnings back home, supporting the development of rural areas. This will continue to be an envy of many a city dweller out there: perhaps city life isn’t all it’s cracked up to be!

Moshi’s charm extends beyond its stunning location. The true heart of the town lies in its people. Renowned for their resilience, they form the backbone of Moshi and the surrounding region. It is difficult to ever bet against Moshi.

Experiencing Moshi wouldn’t be complete without indulging in the last-minute legendary fare at Chris Burger. The samosas, chapatis, and tea, prepared by the same dedicated cook since 1980, are a testament to the town’s enduring spirit.

That’s longevity.

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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
Tanzania Foreign Investment News
Chief Editor

Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms

President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.

Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).

Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.

While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.

“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”

Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.

Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.

“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”

ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition

On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.

He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:

At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.

There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.

Source: allafrica.com

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Britam half-year net profit hits Sh2bn on higher investment income
Tanzania Foreign Investment News
Chief Editor

Britam half-year net profit hits Sh2bn on higher investment income

Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.

The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.

“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.

“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”

The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.

Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.

The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.

Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.

The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.

“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.

Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.

Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.

CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.

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