MyBucks Banking Corporation, one of the local commercial banks, has unveiled a service aimed at speeding up payment of tobacco farmers’ proceeds.
The bank has committed to settling payments within 24 hours after sales.
Mybucks Chief Commercial Officer Bernard Mkandawire says in a statement that the initiative is in line with the bank’s purpose of making people’s lives better through convenient and simplified systems.
“Our commitment to all tobacco farmers banking with us is that, once you sell your tobacco, we will process your proceeds within 24 hours,” he said.
The service, dubbed Kugulitsa Lero Kutapa Mawa, has rolled out this season, according to Mkandawire.
He said the bank has also rolled out a digitised processing service which comes at a right time as it will also help in keeping tobacco farmers safe from Covid pandemic.
“Unlike in the past when farmers were given sales sheets to present to the bank, through this service there will be no need for them to visit our branches as the process will be done electronically,” Mkandawire said.
MyBucks Malawi has branches in Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka in Dowa District, Kasungu and Madisi.