In an effort to provide support to Zambian commercial farmers, Stanbic bank Zambia has released USD 40 million of the budgeted USD 80 million grant that has been reserved to finance the Zambian agricultural sector.
Over the past five years, Stanbic Bank established an agriculture department with specialized managers to further develop the crop yield of commercial and corporate farmers.
According to Mwamba Musambo, head of the Stanbic Zambia agricultural banking department, who recently spoke to Zambia Daily Mail, the bank has provided approximately USD 120 million in various supportive services to the country’s farmers including the purchasing of farms and equipment and the construction of dams.
Ms. Musambo went on to confirm the bank’s commitment to the growth of the agricultural sector in Zambia and its intention to support small-scale farmers in acquiring agricultural equipment through various partnerships with organizations specializing in seed, fertilizer and other commodities.
Stanbic Bank is a division of Standard Bank, which is a member of the Standard Bank Group based in Johannesburg in South Africa, and trades under the name Stanbic Bank in Botswana the Democratic Republic of Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda and Zimbabwe.