Cattle banking plans

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.

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.

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