Access to affordable finance and farming equipment remains pivotal for the progression of agriculture in Zimbabwe. AFC Holdings has accelerated its support of Zimbabwe’s agricultural sector through its one-stop offer of financial and agricultural support services.
The Holding company which boasts of a Commercial Bank (former Agribank), a DFI- the Land and Development Bank, AFC Insurance, and AFC Leasing Company has been strategically positioned to drive the growth of the agricultural sector in Zimbabwe. The AFC Holdings, a Development Finance Group was established through the unbundling of Agribank and is set to drive the transformation of agriculture throughout the entire value chain.
Appraising the Thematic Committee on Peace and Security, Group Chief Executive Officer, Francis Macheka advised the committee that the Holding Company was set up to lead in the positive transformation of the country’s agriculture sector. He advised that the Group has two independent banks, whose symbiotic relationship will anchor the financing of revolutionary and transformative agriculture development in Zimbabwe.
“All AFC Land Bank customers hold accounts with our Commercial Bank. We have also ensured that where a farmer requires tillage or any other farm-related equipment, this is offered through the AFC Leasing Company while our Insurance arm will take care of all farming and other short-term insurance needs, making us a one-stop shop, Macheka said.
Macheka also meticulously appraised the committee on the simplicity of the nature in which farmers can open bank accounts and access loans through AFC, leveraging the 45+ AFC Branches country-wide.
“Our Branches are located strategically in the right places where our farmers are located and our application process is simple and less laborious because we understand the intrinsic needs of our farmers and the sensitivities of the agriculture sector to time,” Macheka advised.
Macheka advised that following the re-branding exercise, the institution had now stepped up its marketing and communication efforts through various media channels to make sure that farmers are aware of how to open bank accounts, access finance, access farming equipment, and get insurance under one roof.
He also added that AFC has forged a partnership with the Grain Marketing Board (GMB) to facilitate stop orders for key grains financed through AFC and access storage facilities for farmers. GMB is an off-taker for farmers who borrow from the bank, particularly for maize and wheat he added.
Macheka advised the committee that the institution remains fully geared to support the success of the agriculture sector and would continue to step up efforts to ensure that no farmers are left behind