NMB BANK AND BRITAM UNVEIL NEW OFFERING TARGETING FISHERIES

NMB Bank Chief of Retail Banking, Filbert Mponzi (second right) and Britam Insurance Company CEO, Raymond Komanga (second left) display documents after signing to launch insurance cover for fishermen in Mwanza region yesterday. Left is Minister for Livestock and Fisheries, Mashimba Ndaki and on the right is NMB Bank Head of Insurance Department, Martine Massawe. 

• The cover will provide insurance solutions to boat owners, fishing companies and people employed in the fishing industry

Mwanza, 31 October 2021 - NMB Bank PLC in collaboration with Britam Insurance have launched Jahazi insurance offering for stakeholders in the fisheries sector across the country.

The Jahazi Insurance will be offered to small and medium fisheries to cover their vessels together with their associated machinery and is designed to offer insurance against fire, theft, sinking, as well as liabilities from third parties.

NMB Bank’s Chief of Retail Banking, Filbert Mponzi said the solution will allow fishermen, fishing companies (small and medium) and employees conduct their fishing activities with full confidence in the event of unforeseen circumstances.

"We are excited to see this product go live with Britam and to be part of their new frontier in bringing all sorts of fisheries insurance products and services - for the good of our current and all of the future customers." said Mr. Mponzi. It brings us one step closer to becoming a one stop shop of all financial needs and solutions for customers.”

Under this strategic corporation, Britam will offer insurance covering the vessel, Machineries (engines equipment’s), personal accident covers in respect of Death arising from vessel accident up to TZS 2,000,000, Permanent disability caused by vessel accident up to TZS 2,000,000, Medical expenses up to TSZ 500,000 and funeral expense of up to TZS 200,000.

“NMB Bank is committed to providing innovative solutions to our customers and we are continually investing and partnering strategically with companies to enhance our ability to deliver to the market. The market environment in Tanzania is very competitive but we always go a step further to introduce new products that bring value to our customers,” said Mr. Mponzi.

On his part, the Britam Insurance Chief Executive Officer, Raymond Komanga said “through our partnership with NMB Bank Plc, the leading bank in Tanzania in terms of profitability as well as branch network, customers now have access to the best marine insurance policies. Successfully operating in this industry for years now, it was Britam strategic goal to add another important service for our boaters and at the same time unlock yet another big revenue stream for the company.”

And with NMB, we now have a robust and professional partner providing much needed wide network to reach this very important group in our economy and with their help we shall onboard more vessel owners, and employees conducting fishing activities in the Ocean, lakes, rivers as well as large dams to supply their insurance cover needs,” added Komanga.