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Business Reporter

AS Zimbabwe’s tobacco selling season draws near, Stanbic Bank Zimbabwe has announced its readiness to support farmers with the necessary financial solutions.

The tobacco selling season opens on 08 March 2023.

The bank’s head of agribusiness, Mr Tawanda Maposah, said the institution is 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,” he said.

Mr Maposah 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.

He 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, Mr Nelson Muhau said the institution is cognisant of the fact that farmers need cash to buy inputs and pay for labour hence 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 kgs – 240 million kgs, up from 212 million kgs last year.

Analysts are projecting that there will be a high demand for the 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.