NBC LAUNCHES INSURANCE PREMIUM FINANCE FACILITY

Minister for Works, Transport and Communications, Isack Kamwele (left), in conversation with NBC Ltd Director of Business Banking, Elvis Ndunguru (center), together with some of his co-workers, during the Tanzania Track Owners Association annual general meeting whereby NBC unveiled it’s new Insurance premium finance product in Dar es Salaam over the weekend.

The National Bank of Commerce (NBC) has called upon the Tanzania Truck Owners Association (TATOA) to utilize its newly introduced business insurance loan product so as they can run their businesses with full confidence of overcoming risks that can emerge in the line of their daily operations.

The loans that range from 1mn/- to 3bn/- came into effect about a month ago. The insurance loans are offered at all NBC branches across the country. Beneficiaries are liable to repay only two months of their annual and the rest of the months will be covered by NBC on their behalf.

NBC has so far remitted 5bn/- in this way within a short period since the product came to the market. About 20,000 beneficiaries are targeted in this scheme as at the end of December. More than 50bn/- has been set aside for this product.

Speaking at the TATOA’s 2019 Annual General Meeting held in Dar es Salaam over the weekend, NBC’s Director of Business Banking, Elvis Ndunguru, said that the product is meant to support the government’s initiatives in strengthening the transportation sector for economic growth.

“The loans are available at an affordable interest rate, don’t need collateral to secure the insurance loan. We have so far offered many loans in this way since the product was introduced to the market about one month ago. We pledge to continue support the government’s ambitions by investing much in this sector” said Ndunguru.

On the other hand, he said the bank has been working hand in hand with the government through its electronic payment system to enable the public make payments to public institutions. More than 100 public institutions are working with NBC in this way.

He said the same payments can be made through more than 2000 agents across the country. However, more than NBC’s 2500 point of sales are connected to the government payment system.
Engineer Isack Kamwele, Minister of Works, Transport and Communications, who graced the event, said NBC is playing its part to the fullest in the financial sector.

“NBC used to work closely with large enterprises but now is going for the semi and mid entrepreneurs. We have signed already an MoU with the bank that allows them to have their shops in all offices of the Tanzania Posta Corporation across the country” said the minister.