MyBucks Banking Corporation has signed on a Memorandum of Understanding (MOU) with GIZ Malawi, aimed at improving formal agricultural financing for farmers and agri-based enterprises in rural areas in the country.
Under the agreement, tailored financial services will be available for 10,000 farmers and 120 agri-based rural enterprises through capacity building of financial service providers as well as targeted farmers and agri-based enterprises. During the signing ceremony, GIZ AgFin- Team Leader Harald Neimeier said that apart from Malawi, the project is being implemented in Benin, Burkina Faso, Cameroon, Mali, Nigeria, Togo and neighbouring Zambia. “Malawi, which started its implementation in 2020, has a chance to learn from other countries’ experiences in developing tailor-made financial solutions for both farmers and agri-based enterprises,” he said.
On the other hand, MyBucks Banking Corporation Chief Commercial Officer Bernard Mkandawire described the partnership as a positive step towards the bank’s aspiration to make a social impact in its communities. “The bank is also looking to advance the technical capacity of its staff in developing financial products for the agriculture sector through the technical support it will receive from the project and other initiatives,” he said.