Dar es Salaam. The National Social Security Funds (NSSF) has said it is projecting Sh11 trillion growth by 2026, attributing it to a conducive investment environment in the country.
The projection is more than double as compared to the value recorded in 2021, when the sixth phase government assumed office following the sudden death of the fifth phase leader, John Magufuli.
NSSF Director General Masha Mshomba said the Fund’s unaudited account books show that in the 2023/24 fiscal year, the Fund’s value stood at Sh8.5 trillion, equivalent to an increase of 77 percent compared to the previous three years.
He attributed the achievement to efforts made by President Samia Suluhu Hassan’s administration to attract local and foreign investmentS due to the created conducive environment.
Mr Mshomba made the remarks at the 48th Dar es Salaam International Trade Fair (DITF) taking place at the SabaSaba Grounds along the Kilwa Road in the City.
This year’s exhibition was opened by the President of the Republic of Mozambique, Mr Filipe Nyusi, who was accompanied by his Tanzanian counterpart, Samia SuluhuHassan.
“The recorded increase is very huge when compared to the Fund’s value three years ago. The Fund’s growth has been increasing annually,” he said at the NSSF pavilion.
He said a conducive investment climate has been encouraging members of the private sector both locally and internationally to significantly contribute to the country, therefore benefiting NSSF through statutory contributions.
Further, he said NSSF continues to implement its development plan slated to expire on June 30, 2026, when the Fund is expected to reach Sh11 trillion, which will be more than double compared to the period when President Hassan came to power.
“Currently, NSSF is focused on reaching out to new members in the informal sector, who will increase the Fund’s earnings through monthly contributions. We have already set good registration and contribution systems and provision of attractive benefits through the National Programme for the Informal Sector,” he said.
Further, he said NSSF’s participation in the exhibition is to provide social security education to its members and stakeholders, including various services provided by the Fund.
The services, he said, include members’ registration from the private sector and the informal sector, contributions, paying benefits, investments, and retirement verification.
According to him, visiting citizens are given a wide range of information about the function of NSSF and its transformative digital services enabling online registration through the personal service portal for members (Member Portal) and the personal portal for employers (Employer Portal).
Through the great cooperation NSSF is getting from the government, Mr Mshomba said, the Fund’s commitment is to continue improving services for its members.
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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.
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“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.”
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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
