Commercial Bank of Africa (CBA) has announced a new financial package in form of loans to small scale farmers in the country for purchase of farm inputs.
The bank’s CEO Jeremy Ngunze said they will fund farmers to enable them improve on farm production and also grow their wealth.
Ngunze made the announcement in Nairobi on Thursday during a forum with officials from agricultural production sector.
Speaking during the Forum, Institute of Economic Affairs (IEA) Chief Executive Officer Kwame Owino said that although the government has shown greater goodwill in unlocking the agricultural sector’s potential, supportive policies have been lacking.
He observed that unlocking the sector’s potential will provide the country with a key anchor to economic diversification.
“Proper government investment could help catalyse a national agricultural devolution by boosting food productivity and food security through the mechanism of de-risking the agricultural value chain, which would encourage investment by banks and the entire financial sector,” added Owino.
Kenya Agribusiness and Agro-industry Alliance (KAAA) CEO Lucy Muchoki observed that small scale farmers with 0.3-3.0 hectares of land contribute the bulk of agriculture output in Kenya.
“This makes the small scale farmers a critical component of the agriculture value chain. Yet, little has been done to enhance their productivity levels,” said Muchoki.
She advised that the government should create a policy that will enlighten the farmers on government agricultural programmes.
Kenya Horticulture Council CEO Jane Ngige said that her vision is to cascade good practices that promote export market requirements of local agricultural products.
“To achieve the expectations of government’s food security pillar, we must have accessible and affordable nutritious food,” Ngige added.
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