Business

Small- scale farmers in K10m NATSAVE galore

Rural farming

HONE SIAME, Kitwe
THE National Savings and Credit Bank (NATSAVE) has allocated K10 million towards empowering small-scale farmers with loans to procure tractors to enable them mechanise their operations.
NATSAVE managing director Cephas Chabu said in an interview on Monday that the bank attaches great importance to the development of the agriculture sector and that it will continue supporting small-scale farmers.
Mr Chabu said NATSAVE has already started disbursing loans to farmers across the country.
He said the bank, which has been recapitalised with K110 million, is using tractors as collateral for the loans and that farmers who fail to pay back loans will lose their equipment.
“I am happy to announce that we have allocated K10 million towards giving small-scale farmers loans to buy tractors so that they can mechanise their farming operations. Tractors will serve as collateral,” Mr Chabu said.
NATSAVE has partnered with the Zambia National Farmers Union to ensure the equipment is given to the right people.
The bank is working with suppliers of tractors.
Mr Chabu said the loan scheme for farmers demonstrates NATSAVE’s commitment to supplementing Government’s efforts to enhance national food security.
He said NATSAVE will continue helping small-scale farmers through provision of banking services in rural parts of the country to enable them develop the culture of saving.

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