Financial institutions to help farmers

Business

SEVEN financial institutions will now develop innovative financial products to help village farmers, according to the Centre for Excellence in Financial Inclusion (Cefi).
Cefi and the Government’s Market for Village Farmers project last week signed a memorandum of understanding with seven financial institutions.
The project will be in Western Highlands, Jiwaka, Chimbu, Eastern Highlands, Morobe and East New Britain.
Cefi and the institutions will develop a business development plan, including a three-year training plan, to build internal organisation capacities and ensure that they provide affordable and diversified financial services to target households and value chain players.
The institutions that signed are the Bank South Pacific, Mi Bank, Women’s Micro Bank, People’s Micro Bank, Kada Poroman Micro Finance, Nasfund Contributors Savings and Loan Society and East New Britain Savings and Loan Society.
Cefi executive director Saliya Ranasinghe said the partnership was an important milestone for agriculture where financial institutions were committing to support and assistance.
“Farmers should not see the banks as a lending institution but an institution that provide range of financial services that are important. Banks are important partners in progress,” Ranasinghe said.

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