By Business Insider Reporter
Stanbic Bank Tanzania has intensified its push for inclusive insurance by extending its nationwide insurance awareness campaign to Mbeya, underscoring the growing role of financial protection in advancing financial inclusion and economic resilience across the country.
The outreach programme, held at Kabwe Stand, brought insurance education directly to traders, transport operators and residents, reflecting the bank’s commitment to making insurance more accessible and understandable to groups that have traditionally remained outside formal financial protection systems.
The initiative comes at a time when insurance penetration in Tanzania remains relatively low despite increasing exposure to financial risks among households, small businesses and informal sector workers. Industry stakeholders view insurance as a critical component of financial inclusion because it enables individuals and businesses to protect assets, livelihoods and investments against unexpected losses.
Speaking during the activation, Stanbic Bank’s Bancassurance Officer, Naphtal Ntangeki, said the bank is deliberately taking insurance education to communities rather than waiting for people to seek information on their own.
“At Stanbic, we believe protection should be within everyone’s reach. We are taking insurance education directly to where Tanzanians live and work because understanding and accessing insurance is essential for building financial security,” he said.
Mr. Ntangeki said the Mbeya engagement forms part of a wider national campaign that has already reached communities in Tanga and Mwanza, with plans for further expansion across the country.
According to him, increasing public understanding of insurance is key to helping more Tanzanians manage risks effectively and safeguard the progress they have made through work and entrepreneurship.
The bank conducted the outreach in partnership with its bancassurance partners, namely Britam Insurance Tanzania Limited, Heritage Insurance Company Tanzania Limited, Alliance Insurance Corporation Limited and Sanlam Allianz General Insurance Tanzania Limited, bringing together major industry players to provide practical guidance on available insurance solutions.
The initiative particularly targeted groups often excluded from formal financial protection mechanisms, including informal sector workers and small-scale entrepreneurs.
For many participants, the programme offered an opportunity to gain first-hand knowledge about how insurance products can protect life and property.
Bajaj driver Benezeti said the session changed his perception of insurance.
“As a bajaj driver, I am on the road every day and anything can happen. Before today, I thought insurance was complicated and meant for other people. Now I understand that people like me who depend on daily income need it most,” he said.
Financial experts increasingly argue that access to insurance is as important as access to savings, credit and payment services in building an inclusive financial system. By helping individuals and businesses manage risks, insurance reduces vulnerability to economic shocks and enables greater participation in economic activity.
Through its sustained awareness campaign, Stanbic is positioning itself not only as a provider of financial services but also as a champion of financial protection, supporting national efforts to create a more resilient and financially inclusive economy. The Mbeya activation marks another step in that journey, bringing insurance closer to communities and helping bridge the knowledge gap that continues to limit uptake across Tanzania.
