One of Africa’s rising commercial bankers, Malawi’s prized bank of the nation, National Bank of Malawi (NBM) plc has invested a staggering K90 million towards the resuscitation of the banana value chain in the mountainous but fertile districts of Mulanje and Thyolo.
National Bank plc Chief Executive Officer, (CEO) Harold Jiya in his remarks stated that the bank seeks to empower banana farmers by providing them with a steady supply of new, improved, and resilient varieties to support their businesses and enhance economic stability at the household level.
Said Jiya: “As a bank, we are excited to partner with CAT to revive the struggling banana industry, which, in the long run, will reduce our dependence on imports.”
“This not only strains our economy but also highlights the gaps in local production that we need to address,” Jiya added.
The partnership comes amid the ongoing the country’s dwindling standards of banana cultivation, which once defined the profitability of these districts alongside tea production.
The initiative aims to help Malawi reduce banana imports, which currently stand at around 20,000 metric tonnes, valued at approximately $12 million annually.
On his part, Centre for Agriculture Transformation (CAT) Executive Director for the ), McCloud Nkhoma, heaped praise on National Bank of Malawi for their generosity by proving the funding, emphasizing that it is imperatively crucial in implementing tailored agricultural solutions that help farmers adopt yield-enhancing technologies and innovations.
Nkhoma hinted on his organisation’s CAT’s commitment to supporting smallholder farmers by helping them diversify production and increase productivity and incomes through innovative agricultural technologies and data-driven solutions, which empower farmers to make informed decisions.
“On our side, we will provide technical agricultural support to help farmers boost productivity through demo plots established in Mulanje and Thyolo. The bank, in turn, will provide crucial financial backing to further this effort,” said Nkhoma.
Through the District Agriculture Offices in Thyolo and Mulanje, CAT has already begun identifying banana farmers, some of whom will receive training through demonstration plots allocated by the Ministry of Agriculture in these districts this farming season.
Chief Agriculture Officer in the Department of Crops, Mathias Nkhoma, described the partnership between National Bank and CAT as timely and, on behalf of the Ministry, pledged support for the initiative to achieve the desired results.
“Malawi lost its banana production prowess, and as a ministry, we are committed to ensuring the CAT Banana Project in Mulanje and Thyolo, with the support of National Bank, becomes a reality.
“Our extension workers are readily available for technical support,” he said.
The Banana Bunchy Top Virus, which struck in 2004, severely reduced banana plantations, leading to a reliance on imports.
The initiative to revive the banana industry aligns with the Malawi 2063 blueprint, which includes agricultural mechanization and industrialization among its pillars.
“As a bank, we’re excited to partner with CAT to revive the struggling banana industry.”
Harold Jiya
NBM Chief Executive Officer
