Stanbic ready to support tobacco farmers
BUSINESS REPORTER
Financial services provider Stanbic Bank Zimbabwe says it is ready to support farmers with the necessary financial solutions as the tobacco marketing season begins next month.
The 2023 tobacco marketing season kicks off on March 8.
Stanbic Bank’s Head of Agribusiness, Tawanda Maposah, said the institution was committed to promoting agriculture and has put in place measures to ensure that farmers have access to the necessary financial resources.
“We understand the importance of agriculture to the country’s economy, and we are committed to supporting the sector in every way possible. Our crop financing and payment solutions are designed to meet the unique needs of farmers, and we have a team of experts who understand the sector and can provide tailored financial advice to our clients,” Maposah said.
He said the bank was well resourced to meet the cash needs of the farmers at a time the United States dollar has been a major challenge for farmers in Zimbabwe.
Stanbic Zimbabwe’s Head of Consumer and High Networth clients, Nelson Muhau said the institution has made sure that its branches have sufficient cash to meet their needs, cognisant of the fact that farmers need cash to buy inputs and pay for labour.
“We are ready to serve our customers through our branch network and 10 implants at the various floors. We have also made it easy for farmers to access their funds through our digital platforms, such as our mobile banking app and online banking,” Muhau said.
He said the bank has established partnerships with various agro-dealers to provide farmers with easy access to inputs such as fertilisers and pesticides.
This year’s tobacco crop is expected to be around 230 million kgs – 240 million kgs, up from 212 million kgs last year.
Analysts are projecting that there will be a high demand for the Zimbabwean crop, largely due to the drop in Brazil’s crop output to 500m kg from 900m kg.
Stanbic Zimbabwe is a subsidiary of Standard Bank Group, one of Africa’s largest financial services organizations. It has been operating in Zimbabwe for over 30 years.
