Natiional Savings and Credit Bank (NatSave) has loaned out K16million for 200 tractors to cooperatives and individual farmers under the Bunjimi Asset Plus loan facility programme since 2015.
The loan facility is an empowerment initiative which helps farmers to acquire assets such as tractors, planters, rippers and ploughs, among other farm equipment.
NatSave managing director Cephas Chabu said in an interview recently that over 200 farmers countrywide have benefitted from the product that was launched last year in conjunction with the Zambia National Farmers Union (ZNFU).
“The programme is doing very well so far, and we are overwhelmed by the demand [from farmers]. Small-scale farmers are benefiting countrywide from this facility which is enabling them increase production,” Mr Chabu said.
He said the bank is not only financing the buying of mechanised equipment, but is also providing other solutions by working with Muhanya Solar to finance and supply environmentally-friendly equipment to enable people light up their homes, irrigate their farms and other renewable energy strategies.
Mr Chabu said the solar-driven irrigation equipment will enable the small-scale farmers to grow vegetables throughout the year.
He has also commended farmers for the smooth loan repayment commitment as a result of the ZNFU’s screening procedure to ascertain their ability to pay back.
On expansion of the bank, Mr Chabu said NatSave is expected to finalise the process of opening up branches in Choma and Chinsali.
This year, NatSave has opened branches in Mpika, Kazungula and Mwense.
“We are doing this so that we can continue with our strategy of reaching the far flanked rural areas,” he said.
