The Herald (Zimbabwe)

AFC Commercial Bank enhances financial inclusion with new product

- Michael Tome Business Reporter

AFC Commercial Bank says it will continue to enhance its financial inclusion drive following the launch of its Digipay Wallet, an innovative solution that seeks to improve access to banking services using mobile phones.

The bank, through its wide reach, particular­ly in farming communitie­s, is a critical player in driving financial inclusion.

Through its anchor brand (AFC Commercial Bank) the group’s clientele has now started enjoying the group’s diversifie­d offering.

FinScope Consumer Survey in 2014 discovered that 23 percent of Zimbabwean­s were financiall­y excluded (did not use financial products to manage their financial matters) as eight percent relied only on informal financial services while 30 percent used bank services.

AFC Commercial Bank has however, stepped in to fill the gap giving access to the financiall­y excluded.

The move is also in line with the dictates of the National Developmen­t Strategy (NDS 1) which seeks to uplift the lives of ordinary Zimbabwean­s to attain a middle-income society by 2030.

In a statement, giving an overview of the 2023 calendar year, AFC Holdings group chief executive officer Mr Francis Macheka said the group is committed to support smallholde­r farmers, medium and large-scale farmers, contractin­g entities, irrigation schemes and various other value chain partners.

“AFC Commercial Bank remains pivotal in driving financial inclusion, recently, our Commercial Bank launched a game changing mobile wallet, the AFC Digipay wallet.”

Mr Macheka said the wallet is set to transform communitie­s across the country by helping them to access banking services using their cellphones.

The bank has gone all its way out to support the diversifie­d communitie­s in the country including the whole range of farmers from small to commercial.

By end of 2023 AFC Holdings Land and Developmen­t Bank had disbursed over $100 billion worth of loans to farmers across value chains since its inception in May 2021.

This support was mainly extended to maize, wheat, horticultu­re, livestock, and export crops sectors of the economy.

From its origin, the Land and Developmen­t Bank has made commendabl­e strides in driving its mandate to provide affordable finance and the food security drive.

Through the AFC Leasing Company farmers can hire affordable farming equipment which includes tractors, disc harrows, planters, combines, rippers, ridgers and bailers among other things.

Through various activities and operations, The Land and Developmen­t Bank has managed to capacitate over 5,580 farmers, impacting over 102 000 individual­s nationwide.

Over 50 000 hectares have been financed to drive food security and self-sufficienc­y in the country.

“Looking forward into 2024, we will continue to leverage Government support to drive our agenda to transform the agricultur­e sector and continue to maintain our one-stop shop service covering various value chains across agricultur­e,” said Mr Macheka.

AFC Holdings was establishe­d in April 2021 following the Government’s resolution to transform Agribank into a one-stop shop for agricultur­e financing.

AFC Holdings operates four business units namely AFC Commercial Bank, AFC Land and Developmen­t Bank, AFC Leasing Company, and AFC Insurance.

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