STD Bank in A Drive to Spur Malawi''s Tobacco Industry

Source from:  Capital Radio Malawi  05/16/2016

Forecasts are sky-scraping that Malawi's tobacco production in the forthcoming season will improve following ''Mlimi Alirenji" promotion by Standard Bank.

The promotion aims at rewarding tobacco farmers for their work by offering them more Malawi Kwacha's for every US dollar processed through the bank.
 
Standard Bank-Malawi's Head of Global Markets said the bank's goal is to contribute in the promotion of sustainability of Malawi's tobacco industry in respect to its strategic importance to the economy.
 
Lesogo Osman was speaking in the capital, Lilongwe at the first draw of the promotion where 92 tobacco growers have won assorted prizes in support of next season's production.
 
"As Africa's Best Forex currency provider we have offered a higher margin on tobacco dollar proceeds in this promotion adding that it will also offer competitive prices which will be used to further grow their various agro-businesses."
 
He stressed that Standard Bank-Malawi is tremendously happy with the way the promotion has progressed saying a lot of farmers have welcomed the opportunity to participate in the promotion and that the commercial bank remains optimistic that the number will increase as the promotion continues in the next 2 months.
 
"We believe that tobacco growers are a major contributor to Malawi's economy. Tobacco farming and agriculture in general is the major contributor of the country's Gross Domestic Product (GDP) and it's the bank's hope that we would to partner with these farmers to see the country moving forward economically."
 
During the draw growers won hessian sacks, bailing jacks, solar power banks and consolation t-shirts apart from the MK16 Million tractor which is the grand prize. Enditem