Zanaco Bank has provided US$117,000 to Zambia's agriculture sector as part of the bank’s continued commitment to supporting the industry
According to the bank’s managing director Martyn Schouten, lending to the agriculture sector grew by 11 per cent in Q1 of this year from US$105,500 recorded between January and December last year.
Speaking at a press briefing recently, Schouten said the bank remains the largest lender to the country's agriculture sector.
“Zanaco boasts more than 10,000 smallholders and 60 emerging farmers with a lending portfolio of nearly US$7,122 (small assets) and more than US$2,800 to emergent farmers. The bank remains the largest lender in this sector and in realising the importance of the sector, the bank has trained more than 3,000 farmers in financial literacy to couple their efforts in financial agricultural support,” Schouten noted.
The bank will continue to finance the entire value-chain in the agriculture industry, it said.
“Zanaco aims to finance the entire value-chain in the agriculture industry starting from primary production to processing,” he added.
The bank has set up an agri-business unit to specifically service customers in the agriculture sector.