AB Bank Zambia has launched its agro-loans product meant to broaden its client base and help farmers have access to finance.
AB bank head of agro Clementine Hedam said the pilot project will start in Lusaka, where most of its clients’ base is.
Ms Hedam said the bank wants farmers to have easy access to finances so that they can grow their businesses as most of them usually have difficulties accessing loans due to lack of collateral.
“We are hoping that as many farmers as possible in Chongwe, Kafue and other areas can access this product for their own growth,” she said.
She said the bank has specialist officers who will be dealing with the famers, and no prior banking experience is needed.
Ms Hedam said different payment plans will be made available for the farmers who may wish to obtain loans from the bank.
She said interested farmers will be able to access loans between K3,000 and K50,000.
“All the farmers interested in obtaining loans can do so starting next month and we are hoping to roll out the programme to other parts of the country,” Ms Hedam said.
She said she is hopeful that with the agro loans being provided to farmers, they will be able to help them grow and diversify