Sunday, May 26, 2024

NBS Bank commits to supporting groundnut farmers

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NBS Bank Plc has committed to supporting local farmers and stakeholders within the groundnut value chain in the country.

The Bank’s Chief Executive Officer (CEO) Dr. Kwanele Ngwenya made the commitment at a cocktail party during the Pyxus Agriculture Malawi 2024 Groundnut Tour, which NBS Bank supported.

The Groundnut Tour, took place from 16th to 19th April 2024 in Lilongwe and surrounding districts, showcasing Malawi’s growing groundnut industry and to foster collaboration amongst the key players and stakeholders, thereby pushing the discussions around a robust agricultural future.

In his remarks at the cocktail, Ngwenya commended Pyxus for its relentless efforts in researching and promoting groundnut production.

“Pyxus has been instrumental in advancing agricultural practices in Malawi. These initiatives not only bolster Malawi’s economy but also reduce our dependence on imports and enhance our export capabilities, thereby strengthening our foreign exchange capacity.”

“The groundnut sector holds vast potential for the Malawian economy. NBS Bank Plc is committed to fostering this growth by supporting our farmers and stakeholders within the groundnut value chain. We offer specialized lending programs, risk mitigation tools, and digital banking solutions tailored to meet their unique needs. Our objective is to empower them to enhance productivity and connect with local and international profitable markets,” said Ngwenya.

In his remarks, Pyxus Managing Director Ronald Ngwira commended the Bank’s long-standing relationship with Pyxus and also disclosed that the ‘Caring Bank’ was the first commercial bank to support them.

The event was graced by Minister of Trade Sosten Gwengwe, Principal Secretary Christina Zakeyu, Pyxus Regional Managing Director for Africa Anthony Park,  officials from the British High Commission in Malawi, and other senior Government officials and international delegates. 

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