In Tanzania, regulator asks banks to tap insurance business

BY CHARLES ABUEDE

Banks and other financial institutions in Tanzania have a lot of opportunities to tap the insurance sector for business and spur national socioeconomic development.

Baghayo Saqware, commissioner of Tanzania Insurance Regulatory Authority (TIRA), said others should emulate CRDB Bank due to its support of the agriculture sector not only in terms of financing but also designing insurance products for farmers, according to a monitored report.

“CRDB is giving the agriculture sector a great push,” said Saqware.

The bank, one of the largest lenders in the country, has ventured into the insurance sector through CRDB Insurance Broker.

Saqware said that TIRA has put in place a strategy that will ensure insurance services and products reach targeted insurance stakeholders. In a message to banks and other financial institutions, he said, “When you think it is pertinent to make changes in your proposals so that we can work on them, tell us.”

Abdulmajid Nsekela, CRDB managing director, said there was a need for the re-introduction of a “direct sales representative system” to broaden the scope for creating jobs in the insurance sector for young people, including college graduates, and also contribute to the sector’s growth.