Dr. Biteko Lauds NMB Bank for Introducing Innovative Livestock Insurance Product The Principal Secretary within the State Department of Livestock Development, Dr. Obadiah Biteko, has commended NMB Bank for launching a pioneering livestock insurance product that aims to mitigate the risks faced by livestock farmers. Dr. Biteko made these remarks during the official launch of the NMB Livestock Insurance product in Nairobi. He emphasized the significance of such products in addressing the challenges associated with livestock farming, which is a vital economic activity in Kenya. “Livestock insurance is a crucial tool for farmers to protect their investments and secure their livelihoods,” said Dr. Biteko. “This product from NMB Bank will go a long way in empowering our farmers and enhancing the resilience of the livestock sector.” The NMB Livestock Insurance product provides coverage for various livestock species, including cattle, sheep, goats, and pigs. It offers protection against common risks such as mortality, theft, and natural disasters. The Principal Secretary also highlighted the government’s commitment to supporting the livestock industry and its efforts to promote financial inclusion among farmers. “We applaud NMB Bank for understanding the unique needs of livestock farmers and developing a tailored solution that addresses their concerns,” said Dr. Biteko. “We encourage other financial institutions to follow suit and introduce innovative products that support the agricultural sector.” NMB Bank’s Managing Director, Ms. Ruth Zaipuna, expressed the bank’s commitment to empowering farmers and contributing to the growth of the livestock industry. “Livestock farming is a vital pillar of our economy,” said Ms. Zaipuna. “By introducing this insurance product, we aim to protect the livelihoods of farmers and provide them with peace of mind.” The NMB Livestock Insurance product is designed to make it affordable for farmers to access insurance coverage. It offers flexible premiums and a simplified claims process. The launch of this product is expected to boost uptake of insurance among livestock farmers, leading to increased productivity, resilience, and economic empowerment within the sector.Dr. Biteko, the Principal Secretary of the Ministry of Agriculture, has lauded NMB Bank for its innovative livestock insurance product that aims to protect livestock farmers from financial losses due to animal death, theft, or natural disasters. “This is a significant stride in the livestock sector,” said Dr. Biteko. “It will provide much-needed financial security to farmers who often face unpredictable events that can severely impact their livelihoods.” NMB Bank’s Livestock Insurance Policy covers a wide range of livestock, including cattle, goats, and sheep. It provides coverage for animal death due to disease, accidents, or natural disasters, as well as theft. The policy also includes veterinary expenses and farm machinery repairs. “Our farmers work tirelessly to sustain their livelihoods, and it’s crucial that they have access to financial protection against unforeseen circumstances,” said NMB Bank CEO Ruth Zaipuna. “This insurance product will empower them to invest in their livestock and contribute to the growth of the agricultural sector.” Dr. Biteko urged other financial institutions to follow NMB Bank’s lead and offer innovative insurance solutions tailored to the specific needs of farmers. “This will help mitigate risks and create a more resilient agricultural sector,” he said. The Livestock Insurance Policy is expected to be particularly beneficial to smallholder farmers, who often lack access to traditional insurance products. NMB Bank has partnered with a reputable insurance provider to ensure that farmers receive reliable and affordable coverage. “We believe that every farmer deserves access to financial security,” said Zaipuna. “We remain committed to supporting the growth of the agricultural sector in Tanzania.”