More than 100 banks and members of financial institutions of African Agricultural Credit Association (AFRACA) from more than 20 countries meet today in Dar es Salaam to discuss ways of improving provision of agricultural financial services in rural areas through banking practices.
Addressing reporters on Saturday in Dar es Salaam, AFRACA Vice Chairman, who is Dar es Salaam Community Bank executive director Edmund Mkwawa said the meeting, the first to be held in Tanzania since the organisation was set up also aims at increasing the organisation`s rural outreach in order to foster cooperation in planning of agricultural development of the continent.
``We are doing this by supporting regional and sub-regional conferences on contemporary rural and agricultural finance issues, including formulation of special guarantee or insurance schemes in collaboration with member countries to ensure support on operations of agricultural credit institutions work,`` said Mkwawa.
Giving reasons why AFRACA technical meeting is being held in Tanzania, the Vice Chairman said it was because his bank (DCB) has been serving as vice chairperson on behalf of the government for two years now.
``According to AFRACA constitution, a general assembly is to be hosted by the vice chairperson after which Tanzania will assume full chairmanship,`` he said.
He said other AFRACA members in the country, including the Bank of Tanzania, were supporting DCB in hosting the meeting.
``We in Tanzania are planning to have replications of best practices so that we go a long way in improving delivery of financial services to the rural people,`` he said.
AFRACA members include association of central banks, commercial banks, agricultural banks, micro-finance institutions and national programmes dealing with agricultural and rural finance in Africa.
Members of AFRACA in Tanzania include the Bank of Tanzania, Dar es Salaam Community Bank, Kagera Cooperative Bank, Mufindi Community Bank, Azania Bank, Pride Tanzania and Presidential Trust Fund.
Some of AFRACA members include Tanzania, Burkina Faso, Cameroon, Democratic Republic of Congo, Republic of Congo and Ethiopia .
Others include Gambia, Gabon, Ghana, Kenya, Lesotho , Liberia, Mali, Nigeria, Senegal, Sierra Leone, South Africa, Tunisie, Uganda, and Zimbawe.
AFRACA was formally established in 1977 and has a liaison status with the Food and Agricultural Organsation.
* SOURCE: Guardian
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