- October 1, 2020
- Posted by: p mulee
Cooperative Bank Chief Executive Officer (CEO) Dr Gideon Muriuki at a past event/ Photo/Courtesy
The recent joint scheme launched by Co-operative Bank and CFAO to enable farmers and cooperative societies acquire up to 80 per cent financing to purchase farm implements, machinery, accessories and equipment would not have come at a better time. The world is changing from traditional to mechanised farming. Furthermore, it will go a long way in supporting President Uhuru Kenyatta’s food security agenda.
Cooperative Bank under the stewardship of Dr Gideon Muruiki as the CEO has over the years successfully combined a bold innovative approach to come up with products aimed at easing the customers burden of accessing credit at negotiable terms.
Agriculture is the backbone of the Kenyan economy accounting for nearly 26 per cent of Kenya’s gross domestic product, hence, nearly half of Kenya’s population is dependent on agriculture and activities associated with it. Therefore, the move by the bank to ease the production of agricultural products and services should not go without being commended.
While acquisition of the farm machinery will help in mechanised farming for high productivity, this will also go a long way in job creation by hiring drivers, mechanics and loaders to run the machinery. It can’t be better than this.
Kenya has for several years experienced food crises, partly due to lack of credit to acquire farm machinery to help in the modern farming methods. The loans will help farmers acquire agricultural machinery from CFAO automobiles hence provide a great reprieve to the farmer who also is likely to be a member of a cooperative society.
Finally as the world struggles to contain the coronavirus pandemic, it is only those countries which have sufficient food supplies which can effectively stand a total lockdown.
Cooperative bank has done its part, let other lending institutions follow suit.