OIBM Introduces Fixed Deposit Promotion for Tobacco Farmers

Source from:  by Tadala Makata Kakwesa, 12 May 2006 - 06:23:27  05/15/2006

The Opportunity International Bank of Malawi (OIBM) on Thursday introduced a fixed deposit account designed to assist smallholder tobacco farmers save their money. OIBM said in Lilongwe on Thursday the fixed deposit account, which has an initial interest rate of 14 percent, will help farmers keep their money safely until the next growing season. The bank's Chief Executive Officer Rodger Voorhies said OIBM has decided to offer the 14 percent interest—which he described as the highest on the market—to assist the farmers boost their businesses. "After the waiving of processing fees on tobacco proceeds paid to farmers through this bank, we decided to come up with this package not to just help the big farmers but also the average Malawians," said Voorhies The promotion is expected to run from May 3 to August 31, 2006 with an opening minimum deposit of K30,000. According to OIBM, a draw will be conducted on September 6 with 40 bags of Urea fertilizer as the first prize and 20 bags of Urea fertilizer as the second prize. Two other winners are expected to get two bicycles each as the third prize apart from other consolations prizes. Voorhies said the promotion is targeting tobacco farmers mainly from the Central and the Northern regions. Other interested business people are also encouraged to join. He disclosed that the deposit accounts could also be used as collateral for Mphamvu Loans, which the bank has specially designed for entrepreneurs and working class customers. Enditem