By MAIMBOLWA MULIKELELA –
THE National Savings and Credit Bank (Natsave) has launched a loan facility under which traditional chiefs are acquiring tractors and other farming implements for their chiefdoms.
Under the asset-plus loan product Natsave will roll out the facility to 288 chiefdoms and all the traditional leaders are eligible to apply.
So far, four traditional leaders including Chief Liteta of the Lenje-Speaking people of Chibombo District in Central Province have acquired tractors and farming inputs under the tripartite partnership involving Natsave, House of Chiefs and Danatrac.
Chiefs and Traditional Affairs Minister Lawrence Sichalwe said this during the launch of the Natsave asset-plus loans for traditional leaders at Chief Liteta’s Palace on Tuesday.
Mr Sichalwe said this would enable the traditional leaders across the country acquire tractors and other farming implements meant to mechanise farming in various areas.
“The agriculture sector has great potential to grow the economy of this country. I congratulate Natsave for their innovation and product development in agricultural finance without which most of our traditional leaders were not going to access farming implements for mechanisation,” Mr Sichalwe said.
Speaking earlier, Natsave managing director Kephas Chabu said the product had been designed to meet the specific needs of traditional leaders and the pieces equipment would act as security.
Mr Chabu said the product was affordable in terms of interest rates but could not disclose the figure.
“This is an empowering product which will see a lot of our traditional leaders acquire durable tractors and other farming equipment for increased productivity.
“I would like to thank Danatrac for being part of this partnership as vendors of very tested farming equipment which I am sure our clients will find to be very reliable,” he said.
House of Chiefs vice chairperson Chieftainess Muwezwa commended Natsave for according the traditional leaders an opportunity to acquire tractors and farming inputs through the asset-plus loan facility.
Chieftainess Muwezwa, of the Ila-speaking people of Itezhi Tezhi district in Central Province, said that the product would contribute to the growth of the agriculture sector.