A Kenya Seed Company warehouse in Nakuru. [Photo/ The Star.]
The Kenya Seed Company (KSC), Barclay's Bank, National Bank, Kenya Commercial Bank (KCB) and Agricultural Finance Corporation (AFC) have agreed to make access to credit easier for all KSC's contracted farmers.
On Monday, according to the business daily, Kenya Seed Company's Managing Director, Azirai Soy said that limited access to funds by farmers has always contributed to low yields from the farms.
"Accessing finance by farmers has been a big challenge to farmers and this has always compromised the yields," Soy said as quoted by the Business Daily
Barclays Bank head of Agribusiness, Simon Mbugua said that the amount a farmer can apply for ranges between sh.500000 and 7.8 million and that this partnership was aiming at helping the country produce enough food to attain food security.
"The partnership will support farmers expand their production capacity and eventually achieve financial well being. Achieving sustainable food security remains an important priority for Kenya and the entire Africa," Kinuthia said as quoted by the Business Daily.
The Kenya Seed Company is the one tasked to sale the products of the farmers and repay the loan within 13 months from the sale proceeds.