UGAFODE secures bank assurance license to cover smallholder farmers

Following years of anticipation, UGAFODE has officially obtained a Bank Assurance License from the Insurance Regulatory Authority (IRA), enabling the institution to offer insurance products in partnership with banks under Regulation 4(3) of the Insurance (Bank Assurance) Regulations, 2017. UGAFODE Chief Executive Officer, Shafi Nambobi, says that with the license, they will offer coverage for agriculture, helping mitigate risks faced by smallholder farmers, who make up 68% of their portfolio. Ronah Nahabwe reports.