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Call for Traders to Protect Businesses with Insurance

Latest Tanzania business news · Call for Traders to Protect Businesses with Insurance explained · updated Aug 21, 2026 · business news · companies · investment

TLDR

  • Nine traders from Lumumba Street in Mwanza have received a total compensation of Sh1.072 billion from NMB Bank and Reliance Insurance after a fire destroyed their shops and properties on July 3, 2026.
  • NMB Bank's Claims Manager, Madoro Max, stated that experts were sent to assess the damage immediately after the fire was reported.
  • The assessment confirmed claims amounting to Sh1,072,554,090 for the nine insured traders.
  • Mwanza Regional Commissioner, Said Mtanda, urged traders to protect their businesses and assets with insurance.
  • NMB Lake Zone Manager, Faraja Ng’ingo, mentioned that the payments will help the victims restore their businesses and sources of income.

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