STANBIC Bank has opened three new branches in Harare and Karoi as it seeks to provide tobacco stakeholders with banking solutions during the ongoing selling season, which opened mid-last month.
The new branches bring to fifteen the number of facilities the financial services institution has set up over the last three years as it seeks to offer real-time value and banking convenience to farmers.
The Standard Bank Group subsidiary is a major player in the tobacco sector in Zimbabwe, providing crucial financial services and support to various stakeholders involved in the production, processing, and marketing of the crop.
Stanbic head of personal and private banking, Nelson Muhau said the institution is committed to delivering value to tobacco farmers, transporters, and value chain players in line with its vision of delivering exceptional client experiences and superior service.
Muhau said the setting up of three more implants was a way of living up to that commitment, as it brings banking facilities closer to the regions of production.
“By actively engaging with value chain players and offering tailored financial products and services to the farmers in Zimbabwe, Stanbic Bank is playing a vital role in supporting the growth and sustainability of the agricultural sector and improving the livelihoods of farmers,” he said.
He said by actively engaging the customers and understanding their unique challenges through multiple touch points, the bank is playing a key role in the development of the country.
Stanbic Bank head of agriculture Tawanda Maposah noted that the investment that the bank has made in the tobacco industry in Zimbabwe is unparalleled, with the institution availing US$535 million to major tobacco merchants, primary producers and their value chains.
There are over 105 000 farmers growing tobacco while more than 95 percent of production is done through contract farming.
“We understand the importance of agriculture to the country’s economy, and we are committed to supporting the sector in every sustainable 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,” said Maposah.
Zimbabwe is the largest tobacco producer in Africa and depends on the foreign currency earnings from the crop to fund a significant portion of the economy.
The annual tobacco-selling season opened mid-March amid concerns by farmers of a sharp decline in harvest and quality occasioned by the El Ninoinduced drought. Last year farmers produced 296 million kilogrammes and this year production is estimated to fall to around 235 million kilogrammes. — New Ziana