By Guardian Reporter , The Guardian
ILALA District Commissioner Edward Mpogolo has tasked financial institutions to develop more products that will help transform the livestock sector and boost its contribution to the economy.
DC Mpogolo made the call over the weekend in Dar es Salaam's Pugu Livestock Auction Market at the launch of the special financial arrangement for stakeholders in the livestock sector, including farmers, livestock fattening operators, traders, transporters, and others serving the crucial economic sector.
The product aims to accelerate the growth of the livestock industry through simplified financial services. It also supports the government's efforts to create an inclusive economy for all production groups through quality financial services.
Mpogolo said that most of stakeholders in the livestock sector have long lacked banking services tailored to their specific needs, leading many to resort to informal financial services, which can compromise their safety and funds.
"For example, the Pugu auction involves an average daily cash flow of 1bn/-, with many traders having to carry large sums of cash, which is risky for themselves and their capital. The product will be a solution to this challenge, as financial services, including transactions, will be available at these auction locations," he said.
Mpogolo, however, requested the lender to further assist livestock farmers by investing in providing financial education, modern farming techniques, and marketing education, so that they can benefit more from their livestock through improved practices and investments in the sector.
Elibariki Masuke, the local bank’s director of retail banking said the special account caters to individual livestock farmers and groups, offering various benefits such as livestock-specific loans.
"For livestock groups or associations, they also do not need to worry because they will have the freedom to deposit and withdraw their money anytime, and they will also get cheque books at a low cost. All they need to do is open an account completely free of charge at our branches nationwide," he said.
Raymond Urassa, bank's head of small and medium enterprises (SMEs), product and Agriculture, said that it involves livestock farmers of all kinds, including cattle and poultry, and the step is a continuation of the bank's efforts to reach all production groups, following the launch of several specialized services for farmers, including health insurance.
Noel Byamungu, the Head of Pugu Livestock Auction, and Iddy Maziku, the Chairman of Livestock Traders at the auction, welcomed the introduction of the product, stating that it will be a solution for stakeholders who currently have to carry large amounts of cash due to the lack of financial services tailored to their needs near the auction areas.
"The arrival of this product will greatly help us stakeholders in the livestock sector. It is a relief, as we no longer have to carry cash to make livestock purchases and other services. All the required financial services will now come to us, ensuring our safety and funds," said Maziku.
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