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AFC disburses $100bn across economic sectors

December 31, 2023
0
AFC disburses $100bn across economic sectors

AFC Holdings says its subsidiary, the Land and Development Bank, has disbursed over $100 billion worth of loans to farmers across value chains since inception in May 2021, one of the many milestones the group continues to make in its quest to transform Zimbabwe’s agriculture.

This support was mainly extended to maize, wheat, horticulture, livestock and export crop sub-sectors.

The Land and Development Bank has made strides in advancing its mandate to provide affordable finance and guarantee national food security.

Through various activities, the bank has managed to capacitate over 5 580 farmers, impacting over 102 000 individuals nationwide.

Farming on over 50 000 hectares has been financed to enhance food security and self-sufficiency in the country.

In the last winter season, the bank disbursed over $55 billion to mainly wheat farmers, while $15 billion was loaned to farmers for the summer season, marking a major milestone for the group.

Support through loans has been non-gender-biased, as the bank managed to extend funding to the marginalised and financially excluded segments of the population, encompassing the youth and women.

Cumulatively, disbursement coverage included 29 percent to women and 10 percent to youths.

The bank’s ability to fund the required loans was made possible by the signing of a US$8,35 million contract for a seed-revolving facility with the African Development Bank, through the Food and Agriculture Organisation (FAO).

This facility played a significant role in the availability of finance during the winter cropping season and has seen a significant number of farmers receiving support.

“We are pleased that our development finance institution (DFI), the Land and Development Bank, has made commendable progress in driving its mandate to provide affordable finance and drive food security.

“Since inception, the Land Bank has disbursed over $100 billion to farmers across different value chains,” said AFC Holdings group chief executive officer Mr Francis Macheka in an update on the group’s operations.

Mr Macheka pointed out that AFC Holdings ended 2023 on a high note, after managing to attain most of the milestones it had set.

Its other unit, AFC Leasing Company, managed to provide tillage services for over 27 190 hectares nationwide and had over 41 908 hectares harvested since 2020.

AFC leverages on partners like the Grain Marketing Board to ensure equipment like tractors, combine harvesters and other implements are accessible at various cluster centres.

Through the AFC Leasing Company, farmers can hire affordable farming equipment, among them tractors, disc harrows, planters, combines, rippers, ridgers and bailers.

“We have strategically positioned our equipment at 22 cluster centres throughout the country in farming hotspots to ensure ease of logistics.

“Most notably for the leasing company is our ability to accept grain as a method of payment as this has eased the pressure to pay cash upfront for some of our farmers who simply hand over an agreed amount of grain in exchange for tillage or harvesting services,” Mr Macheka said.

Through the Land and Development Bank and AFC Commercial Bank, the group has signed a US$24 million Belarus tractor facility with the Ministry of Finance, Economic Development and Investment Promotion for over 580 tractors.

The facility has received overwhelming interest, with over 160 applications received to date.

On the other hand, AFC Insurance, part of the group’s four divisions, intends to insure over three million smallholder farmers who subscribe to the Government’s Pfumvudza/Intwasa programme.

This arm has successfully provided property and casualty insurance to its growing customer base. It offers coverage for motor, home, assets, liability, electronic equipment, and livestock insurance.

As it stands, AFC Insurance has insured over 95 000 farmers for their crops.

“In line with our one-stop-shop commitment, AFC Insurance insured over 95 000 farmers for their crops and is projecting to insure more than three million smallholder farmers participating in Pfumvudza/ Intwasa in the current summer cropping season,” said Mr Macheka.

On the other hand, AFC Commercial Bank remains pivotal in driving financial inclusion and remains the anchor brand whose wide range of customers have now started enjoying the benefits of the group’s diversified offering.

More recently, the commercial bank launched a mobile wallet, the AFC Digipay, which is set to improve farmers’ and communities’ access to banking services using their mobile phones.

“Looking forward into 2024, we will continue to leverage Government support to drive our agenda to transform the agriculture sector and continue to maintain our one-stop-shop service offering covering various value chains across agriculture.

“Our commitment to support smallholder farmers, medium and large-scale farmers, contracting entities, irrigation schemes and various other value chain partners in the agricultural value chain remains and will continue to expand our service offering to offer bespoke financial solutions.”

The AFC Holdings was established in April 2021 following the Government’s resolution to transform Agribank into a one-stop shop for agriculture financing.

AFC Holdings has four business units — AFC Commercial Bank, AFC Land and Development Bank, AFC Leasing Company, and AFC Insurance.

 

SOURCE  ; ZIMBABWE LIVE 

Tags: AFC HOLDINGSMr Francis Macheka

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