admin“There is obviously good business in the Chivi area, notable for instance in the 18 irrigation schemes that are taking place here, and we will be working with both A1 and A2 farmers.
“We encourage all the farmers in this area to access loans from the bank,” he said.
Chivi is a district in Masvingo province, which falls in agricultural regions 4 and 5 that are typically drought prone, hence the extensive irrigation schemes.
Mr Malaba added that the bank’s customers in Chivi would have access to facilities such as Internet and mobile banking through its VSAT connectivity in the area.
Although Agribank is a commercial bank, it is essentially a loan granting and deposit taking agricultural development financial institution.
The bank is an important and primary vehicle through which Government channels financial resources to the agricultural sector.
To this extent, its key niche is serving the rural-communal areas, which have largely remained “unbanked” as most other financial institutions remain predominantly urban-focused.
The FinScope Consumer Survey Zimbabwe 2011 that was carried out by FinMark Trust in conjunction with the Ministry of Finance and the Zimbabwe National Statistical Agency noted that the country faces a high level of financial exclusion, especially in the rural-communal areas.
The survey showed that only 12 percent of the rural population (where 65 percent of the total population resides) are presently banked.
Speaking at the same event, Chivi North legislator Mr Munyaradzi Paul Mangwana said he would soon engage the relevant authorities to ensure that empowerment funds, such as those related to the youth, should be distributed in the area through Agribank.
Agribank is wholly owned by the Government, with the bank’s shareholding split in half between the Ministry of Agriculture and the Ministry of Finance.
Agribank’s reach in outlying areas extends to areas such as Hauna, Jerera, Nyika, Sanyati, Murombedzi, Checheche, Mutoko, Wedza, Kotwa, Nzvimbo, Mvurwi and Mubaira among others.
Online Reporter