Natsave to roll out asset plus product
THE National Savings and Credit Bank (Natsave) has started rolling out its Asset Plus product in all its branches to enable more rural peasant farmers access agricultural equipment.
Natsave managing director Cephas Chabu said management is satisfied with the performance of the pilot product in Mansa and has decided to roll it out to other parts of the country to benefit rural farmers.
Under the Asset Plus product rural farmers are allowed to acquire agricultural equipment like tractors, hammer mills, pumps and generators without any form of collateral.
The bank launched the Asset Plus product in Mansa as a pilot programme last year.
“Last year, it (asset plus product) was on pilot, but now we are extending it to other branches throughout the country. The asset itself is the security,” Mr Chabu said in an interview in Lusaka recently.
Mr Chabu said the bank is aware that most rural farmers have no security to enable them borrow from the banks hence the move to introduce a product that has more flexible conditions to afford them an opportunity to grow.
Natsave has 28 branches in Zambia out of which 16 are in the rural areas while 12 are in urban towns.
He said if more banks could offer such products that do not require security but the asset itself is collateral.
“We know that a lot of people don’t have security to borrow from the bank especially people from the rural areas who are involved in agriculture production,” he said.
Mr Chabu said there is need for the bank to devise appropriate and suitable financing support to farmers to develop and create employment for other people.
“Our role as we look at empowering people is to look at wealth creation and also employment generation. This is our strategy for going forward and empowering people.
“So, our thrust is in the rural areas and it is very strong coupled with that we have developed a very affordable product which will empower those people,” he said.
He said NSCB is well placed and positioned to give value to clients in all areas of business adding that farmers should take advantage of such incentives.
Mr Chabu said the bank would carry out sensitisation through various media to create a platform where people would be enlightened on how to access the product. / Daily Mail