Agricultural Finance Cooperation in new bank venture targeting farmers

Agricultural Finance Cooperation is planning to set up a commercial bank targeting farmers across the country.
AFC managing director Lucas Meso, was optimistic that the bank, upon its realisation will emerge as one of the biggest financial institution since majority of Kenyans are farmers.
"Eighty per cent of the Kenyan population is composed of farmers, and since as an institution we will strive towards affordable interest rate, we are set to revolutionise the banking platform and emerge the best" said Meso
Addressing the press at Butula polytechnic during a field day, Meso expressed concern over the poor borrowing culture experienced among residents of Western region and in particular Busia county
He challenged residents to embrace loans if they wanted to compete with other regions in development.
Residents of Busia county have so far only borrowed Sh180 million from the cooperation.
The MD called on farmers to engage his officers on issues concerning loan security noting that most locals lacked land tittle deeds due to succession issues.
He challenged youths to be in the fore front of acquiring loans and practicing agri-businesses as a source of income instead of waiting for white collar jobs.
"Youths are in a better position to make agri- business a booming activity to this country. They did it with real estate and we can see big transformation in the sector" noted Meso
"we have put measures to ensure the young generation gets loans in a more streamlined manner with no barrier and cheaper interest rates" He added