Zambian Bank to Help Small Scale Farmers
AllAfrica -- August 7, 2012 -- First National Bank (FNB) Zambia chief executive officer Sarel van Zyl says the agricultural sector in Zambia will remain the biggest employer in many years to come even though it is mainly on a subsistence level.Mr Zyl said at the on-going 86th Zambia Agricultural and Commercial Show in Lusaka that his institution was working closely with other stakeholders to help small-scale farmers who may not qualify for the traditional collateral that may be a requirement for obtaining loans.
"As banks, we should strive to assist this sector to access the main stream banking previously only enjoyed by well established businesses with collateral. We can only build on today's prosperity when we have the majority of our people included in the financial offerings of banks," Mr Zyl said.
First National Bank is a subsidiary of the First Rand Group and started operations in Zambia in April 2009.
It has since established nine branches, has 41 Automated Teller Machines (ATMs) with 279 employees.
Mr Zyl said the bank was committed to the continued growth with the aim to have 14 branches by 2014.
He said in line with this, the bank opened its Mkushi branch on Friday last week.
This will now enable FNB to provide banking services to the bigger farm areas of Serenje, Mkushi and Kabwe, as well as to the Southern Province through its branch in Mazabuka.
In its three years in Zambia, FNB launched various innovative products including SME, Agribusiness, the e Wallet, Bank-in-a-Bag, Home loans and Vehicle and Asset Finance.
FNB Zambia has a wide range of specialised products and services, and experience in agriculture to meet the local farmers' unique needs.
The bank combines 160 years of expertise on the African continent with innovative know-how and flexible pricing structures to give farmers the relevant tools for growth.
Some of the features of FNB's agribusiness unit include value offering facilities like working capital, seasonal input finance, bridge loans and medium term loans.
The bank also offers trade financing options such as export and import finance, guarantees, documentary credits and collections, to name a few.
"We want to be the bank of first choice and we can only do this by listening and scanning the environment. In this way we hope to attain our cherished triple AAA positioning, offering accessible, affordable and adaptable banking services and products to all Zambians", Mr Zyl said.
Copyright The Times of Zambia. Distributed by AllAfrica Global Media (allAfrica.com).
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