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The country banks and other financial institutions have plenty of opportunities to exploit in the insurance sector and spur immensely national socio-economic development.
The Commissioner of the Tanzania Insurance Regulatory Authority (TIRA), Dr Baghayo Saqware, said others should emulate CRDB Bank due to its support to the agriculture sector not only in finance but also designing insurance products for farmers.
“CRDB is giving the agriculture sector a great push,” Dr Saqware saidwhen he visited the lender’s headquarters yesterday.
He also said TIRA has put in place a strategy that will ensure insurance services and products reach targeted insurance stakeholders.
“When you think it is pertinent to make changes in your proposals so that we can work on them, tell us,” TIRA Chief said adding “we are around for a simple reason, which is, to ensure the insurance sector grows steadily.”
The CRDB Managing Director, Mr Abdulmajid Nsekela, said there was a need for re-introduction of “direct sales force or representative system” in order to broaden the scope for creating jobs for young people.
“If this system will be re-introduced, it will help increase jobs for college graduates in the insurance sector and also contribute to the sector’s growth,” he said.
The bank, one of the largest lenders in the country, has ventured into insurance sector as CRDB Insurance Broker.
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