Tanzania: Bank Provides Shot in Arm for Bus Owners

NIC Bank Tanzania has introduced a 72-hour Insurance Premium Finance (IPF) facility to Tanzanian bus owners to help association members pay their insurance premiums in instalments.

NIC Bank General Manager- Business Banking, Rahim Kanji said at the opening ceremony yesterday that the facility set to offer a relief for bus owners on accessing the service and budgeting in advance.

"We see a great potential in the commercial and fleet business. This insurance service offers a unique opportunity to expand our portfolio and in turn it will offer a relief to the bus owners," Mr Kanji said.

To underline the importance of this service NIC has established a dedicated team with cross-functional support to focus on offering this insurance facility to the commercial and fleet business owners all over the country.

"This meeting with TABOA marks an important step for NIC as we continue to offer our customers and Tanzanians in general a widerange of services that enhance their experiences.

"The Bank is constantly looking for platforms to where we can introduce our flexible services," said Mr Kanji. Bus owners who need the services will be required to say the amount of premium to be financed, period of insurance for the policy, the insurance company and the number of instalments.

The IPF is workable with insurances that are normally placed or renewed for a fixed period of one year. Looking ahead, this facility will continue to enhance the safety of all Tanzanians travelling to the regions.

In 2009, NIC Bank Group acquired a stake in Tanzania's Savings and Finance (S& F) Commercial Bank and successfully re-branded it to NIC Bank Tanzania in 2010. NIC Bank Group is also the parent to NIC Bank Kenya, which is a well-established commercial bank in Kenya and the 7th largest bank by shareholders funds.

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