Commodities Exchange ropes in FDH Bank
The Auction Holdings Commodities Exchange (AHCX) says it will continue with its drive to assist farmers earn more from income from their harvests by making available all information regarding operations of the market.
AHCX Operations Manager Davis Manyenje said this in an interview shortly after the commodities market announced its partnership with FDH Bank.
“We are here in Malawi to stay and we urge farmers to come along with their produce to us and we will make it a point that we provide a better alternative market for their harvests and we will always be available because we are here to stay,” said Manyenje.
A statement about the two companies partnership says FDH Bank will provide financing to producers and traders who are the bank’s customers in Malawi.
“The partnership gives FDH Bank account holders the opportunity to utilise an organised and efficient commodity market platform for producers and traders of agricultural commodities other than tobacco such as maize, soya, beans, groundnuts, pigeon peas and sunflower, in supporting government’s agenda on agricultural diversification and the National Export Strategy (NES) on agricultural produce aimed at complimenting tobacco in foreign exchange generation,” said the statement jointly signed by AHCX and FDH Bank.
The bank said it will extend loan facilities to farmers who pledge their commodities that will be warehoused by AHCX as collateral for the facilities provided.
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