The CRDB Bank Foundation has forged a transformative partnership with three key institutions aimed at empowering farmers and enhancing the entire value chain of cereal and produce trading.
The CRDB Bank Foundation, in collaboration with the Tanzania Cooperative Development Commission (TCDC), the Warehouse Receipt Regulatory Board (WRRB), and the Tanzania Mercantile Exchange (TMX), seeks to bolster food production and generate employment opportunities, particularly for women and youth.
Ms. Tully Mwambapa, Managing Director of the CRDB Bank Foundation, underscored the significance of inclusive economic growth, stating, "As the CRDB Bank Foundation, we take pride in promoting inclusive economic growth... We will work with various players to achieve that goal."
Under the partnership, the CRDB Bank Foundation will provide financial education and financing to farmers, while TCDC will ensure that only authentic cooperative societies benefit from the collaboration. WRRB will oversee the safe storage of products involved, and TMX will facilitate the connection between farmers and buyers.
"At the district level, we expect to reach out to at least 10 Agricultural Marketing Cooperative Societies, who will receive between Sh1 million and Sh30 million or more depending on their needs," Ms. Mwambapa elaborated.
Mr. Godfrey Malekano, CEO of TMX, emphasized the platform's role in securing better prices for farmers' products. Since its establishment in 2018, TMX has facilitated the sale of various products such as sesame, lentils, cashew nuts, pigeon peas, and livestock products.
"The TMX platforms work in such a way that a farmer and a buyer must not necessarily meet for business to be done. What a farmer needs to do is send his/her products to a recognized warehouse," Mr. Malekano explained, highlighting the convenience and efficiency of trading through TMX.
Dr. Benson Ndiege, Registrar of Cooperative Societies, highlighted the partnership's potential to benefit over 7,000 people across the country, emphasizing its broad-reaching impact.
Mr. Asangye Bangu, CEO of WRRB, reiterated the partnership's commitment to empowering farmers economically, underscoring its alignment with ongoing initiatives.
The collaboration between CRDB Bank Foundation and its partners marks a significant step towards fostering agricultural development and economic empowerment within Tanzania's farming communities.