Tanzania Commercial Bank backs government’s agricultural financing initiatives

Dar es Salaam. Small and medium-sized farmers can look forward to improved financing for their activities, thanks to a new commitment from Tanzania Commercial Bank (TCB).

The first-tier lender has reaffirmed its commitment to supporting the sixth-phase government under President Samia Suluhu Hassan by improving access to loans for small and medium-sized farmers.

This initiative aims to boost agricultural productivity and add value to produce for both local and international markets.

This was revealed during a capacity-building session in Dar es Salaam on Tuesday August 20 by TCB’s Director of Loans, Daniel Mbotto.

TCB organised the event in collaboration with Aceli Africa and AFC GOPA.

Outlining the bank’s strategy to expand its role in the agribusiness sector, Mr Mbotto said TCB was focussing on equipping its staff to effectively provide loans and support value addition throughout the agricultural supply chain.

With an extensive network of 82 branches, Mr Mbotto was optimistic that TCB was committed to ensuring its employees have a comprehensive understanding of agricultural loan provision to drive sector growth.

“We will continue to offer loans while fostering innovation through our experience to effectively support farmers by providing solutions and growing their capital,” Mr Mbotto said.

The response from farmers, he said, has been positive, particularly in cassava cultivation in Kibondo, where they have seen significant benefits in recent harvest seasons. Farmers are now preparing for the upcoming harvest periods.

“The main goal is for TCB to support the government in economically empowering citizens, reaching out to farmers, and assisting them and their families. This support will boost productivity, income, and capital, helping farmers start new businesses and further their progress,” he said.

In support of government efforts to enhance farmer productivity, some cassava growers have begun establishing small processing factories to add value to their produce, allowing them to export to European and American markets.