Cattle banking plans
http://www.thezimbabwean.co.uk
TN Bank in Zimbabwe is planning to introduce cattle banking, a new
innovative product meant to empower rural farmers and alleviate poverty,
Hazvinei Kapfunde, Group Chief Treasury Officer said recently.
23.11.1107:39am
by Wallace Mawire
Farmers will no longer have to keep tabs on their cattle, thanks to a new
initiative to be established by TN Bank. Farmers will no longer have to keep
tabs on their cattle, thanks to a new initiative to be established by TN
Bank.
Kapfunde said that the proposed new product would be initiated in the first
quarter of 2012 and it would enable farmers to keep track of their cattle.
The animals would be kept at the bank a certificate would be issued which
can be used by the farmer if he or she needs collateral. The bank will just
transfer the certificate to the new recipient upon agreement with the
farmer, instead of having to move the cows from one place to another.
“When the farmer’s cattle are in our custody, we will have all the
responsibility of taking care of them, including all the veterinary needs
like dosing etc. We will keep them in a safe place,” Kapfunde said.
The idea was discussed at a retail banking Africa conference in South Africa
and was endorsed by various partners.