By Business Insider Reporter
NMB Bank and CMC Agri Limited have launched a campaign linking access to agricultural equipment with increased banking activity among cashew farmers, as Tanzania seeks to improve agricultural productivity and expand financial inclusion.
The Korosho Yangu, Benki Yangu campaign, launched in the Mtwara Region ahead of the 2026/2027 cashew season, will see five primary cooperative unions compete for tractors, Agricultural Marketing Cooperative Societies (AMCOS) compete for motorcycles, and individual farmers qualify for cash prizes by increasing their deposits with NMB.
Beyond the prizes, the initiative highlights the potential for financial institutions to support agricultural development by encouraging farmers and cooperatives to engage more actively with formal banking services while addressing practical challenges in farm operations and produce transportation.
Launching the campaign, Mtwara Regional Commissioner Colonel Donald Msengi said tractors could help ease the transportation of agricultural inputs and harvested cashew nuts, particularly in areas with inadequate infrastructure.
He urged NMB to educate farmers on the campaign’s eligibility requirements and loan conditions, emphasising the importance of ensuring that participants understand the terms governing their involvement.
RC Msengi also proposed that the bank explore ways of helping farmers obtain loans to pay for health insurance before harvesting, a period when they may face financial pressure while awaiting income from their crops. His proposal broadens the discussion beyond agricultural financing to include farmers’ financial resilience and access to essential services.
Linking banking to agricultural productivity
NMB Head of Agribusiness Nsolo Mlozi said the tractors would support several farm operations, including transporting cashew nuts, moving agricultural inputs, spraying pesticides and preparing farmland.
He said winners would be determined according to deposit levels, transaction activity and compliance with the campaign’s conditions.
The arrangement creates an incentive for cooperatives and individual farmers to increase their engagement with the bank. For cooperatives, the prospect of winning tractors will encourage stronger participation in formal financial services, while individual farmers have an opportunity to benefit through cash prizes.
CMC Agri Limited Tanzania Manager Stuart Leishman said adopting modern agricultural equipment was important for improving productivity.
Mechanisation can help farmers undertake time-sensitive operations more efficiently, although the actual benefits depend on equipment availability, operating costs, maintenance and how effectively the machinery is used.
Cooperatives at the centre
MAMCU Chairman Alhaji Azam Mfaume said the campaign would encourage competition among cooperative societies to increase deposits and help farmers access better agricultural services. Cooperatives play an important role in connecting smallholder farmers with markets and agricultural support services. Incentives that strengthen their operational capacity could therefore benefit members if the equipment is deployed effectively and transparently.
