Stanbic Bank ready to support tobacco farmers 

Source: Stanbic Bank ready to support tobacco farmers | The Herald

Stanbic Bank ready to support tobacco farmers
Stanbic said while the availability of US dollars has been a major challenge for farmers in Zimbabwe, it was well- resourced to meet the cash needs of the farmers. (File Picture)

Business Reporter
AS the tobacco selling season draws near, Stanbic Bank Zimbabwe, a leading financial services provider in the country, has announced its readiness to support farmers with the necessary financial solutions.

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,” said Maposah.

He said while the availability of United States dollars has been a major challenge for farmers in Zimbabwe, Stanbic Bank is well-resourced to meet the cash needs of the farmers.

Mr Maposah said Stanbic Bank’s commitment to promoting agriculture and its investment in technology make it an ideal financial partner for farmers.

“We are proud to be a partner to Zimbabwe’s farming community, and we will continue to provide innovative financial solutions that meet their unique needs,” said Mr Maposah.

Stanbic Zimbabwe’s head of consumer and high networth clients, Nelson Muhau said the institution was cognisant of the fact that farmers need cash to buy inputs and pay for labour so it has made sure that its branches have sufficient cash to meet their needs.

“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,” said Mr Muhau

He said Stanbic Zimbabwe has invested heavily in technology to ensure that its customers, including farmers, have access to efficient and convenient banking services. Stanbic Bank’s digital platforms allow farmers to access their accounts, perform transactions, and apply for loans from the comfort of their homes.

“We have also established partnerships with various agro-dealers to provide farmers with easy access to inputs such as fertilizers and pesticides,” he said.

This year’s tobacco crop is expected to be around 230 million kg – 240 million kg, up from 212 million kg last year.

Analysts are projecting that there will be a high demand for Zimbabwean Crop, largely due to the drop in Brazil from 900 million kg to 500 million 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, providing financial solutions to individuals, businesses, and corporates.

The bank has a strong presence in the agricultural sector, supporting farmers through various financing products, including crop financing and equipment leasing.

The tobacco selling season opens on 08 March 2023.