AfricaPress-Tanzania: THE National Economic Empowerment Council (NEEC), in collaboration with Sanlam General Insurance firm and Tanzania Insurance Regulatory Authority (TIRA) has
launched an insurance programme for Village Community Banking (VICOBA) groups aimed at enhancing the participation of the groups in the financial sector and reducing costs during disasters or death.
Addressing reporters in Dar es Salaam at the weekend soon after launching the programme, NEEC Executive Secretary Beng’I Issa said NEEC will closely work and supervise the plan to ensure the set goals are attained.
“The Council has been bringing the people to economic activities, hence the coming of Sanlam will push them to know the importance of insurance in the country’s economic development, but also to know to confront various challenges facing the people during disasters and death,” she said.
She said NEEC was preparing guidelines for the management of the programme to ensure its implementation, including bringing together empowering coordinators in the regions and districts with Sanlam officials in order to reach the people.
“Our responsibility as Council is to ensure we advertise this programme to be understood by the people and to bring together regional coordinators with these Sanlam officials to ensure the programme’s success,” said Beng’I Issa.
Sanlam Insurance Chief Executive Officer Geoffrey Masige, apart from praising the government for putting in place an enabling environment in involving private sector stakeholders to solve people’s challenges, he said the agreement reached was a good step in empowering small entrepreneurs countrywide especially those operating in groups.
“The cost of this insurance for every group member is 7,000/- per year and Sanlam Insurance will extend a hand of condolence to a member or inheritor who dies a natural death or from accident,” he said.
He explained that for any natural death the member will be paid 1m/- and for accident related death 2m/-, while their inheritors will be paid 5,000/-.
TIRA Planning, Research and Market Development Director Zakaria Muyengi said they will continue to supervise the provision education to the people on the importance of insurance.
The programme was praised by VICOBA officials including its representative Agatha Lema who said it will provide a big relief to members og the groups especially in the issues of disasters and deaths as well as understanding the entire concept of insurance in the country.
