NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, January 26, 2015

Bank of Zambia (BoZ) Governor Michael Gondwe has launched a US$50 million Fund under the MasterCard Foundation’s Fund to support smallholder farmers in the rural areas.

Speaking during the launch of the project dubbed the “Master Card Foundation Fund for Rural Prosperity” in Lusaka yesterday, Master Card Foundation deputy director, financial inclusion Lindsay Wallace said the project is aimed at curbing rural poverty through enhancing access to finance.

Ms Wallace said many rural farmers do not have financial services that they need and this makes it difficult for them to have adequate finances.

“This project will support innovative ideas that have the potential to grow the economy and also have a deep social impact on the lives of rural people living in poverty,” Ms Wallace said. She also said other countries in the sub-Saharan Africa will be included in the fund.

Ms Wallace said the new fund will stimulate private sector organisations to provide affordable and accessible savings, credit and insurance products.

“These services are essential to enable African farmers increase productivity and incomes and ultimately grow rural economics,” she said.