According to a, the press release, the plan will be implemented by 10 insurance companies under the Uganda Insurers Association. Many farmers groups have already been identified as key players in this process and they will closely work within associations to increase public awareness through farmer groups, organized events, fairs and the on-line platforms.

The scheme targets farmer groups, associations, larger farmers and ranchers who have suffered a number of agricultural challenges and risks such as excessive rains, fire, flooding, drought, pests, diseases and limited access to finance among others.

All categories of farmers will benefit however emphasis will be on the small scale farmers with potential of transforming into large scale farming. The scheme is therefore to help them be credit worthy and encourage them to access credit from financial service providers.

Some of the selected and prioritized enterprises include the following;
Crops: Maize, Coffee, Maize, Beans, Rice, Cotton, Bananas, Soybean and Sunflower Livestock: Cattle (beef & diary), Poultry, Pigs and Fish.
Financial Institutions involved in Agriculture Credit will insure loans in two ways:
a) actual loan received by the client; which would translate into the cost of production for the purposes of insurance
b) the bank can require that the entire enterprise is fully insured in order to protect the loan that has been invested in it.

It is important to note that; smallholder farmers will be subsidized at 50% and larger commercial farmers at 30%.

Poultry farming is one of the lucrative activities that brings in quick returns country wide.

Through the implementing companies, officials hope this scheme will help farmers have increased access to financial services, increased production, become food secure and enhance household incomes.

Farmers have also been advised to access more information and knowledge on how to benefit from the scheme by joining an upcoming West Nile Finance Fair that is to take place from the 17th-18th August in Arua.

It is also at this Fair that farmers will have a full presentation on the Agricultural Insurance Scheme that is being rolled out by the government.

The post Government releases 5bn to Insure Farmers against Risks first appeared on Uganda Multimedia News & Information.

The governor bank ofUganda, Tumusiime Mutebile has informed the members of the public that all regulated financial institutions which include commercial banks, credit institutions and microfinance deposit taking institutions inUgandaare safe and strong and have the backing of the central bank ofUganda.

Speaking to journalists at the Bank of Uganda headquarters inKampalatoday, Tumusiime said that if any person wishes to either deposit or withdraw their money, they will be served as usual.

He says that in case the client’s branch is located in some shopping arcade that is closed one will be served by any other branch of the bank in question.

Tumutebile reminded bank customers that banks play a very important role of keeping money safe. Therefore Tumutebile asked bank customers to disregard any advice to customers to withdraw money and keep it at home.

Ultimate Media

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