MORE than 300 farmers have received training on savings that would assist them in buying inputs such as fertiliser or pesticides at a later time.
Savings Banks Foundation for International Cooperation (SBFIC), Country Director, Mr Stephen Safe, made the revelation in the just ended Nanenane agricultural exhibition in Bariadi District of Simiyu.
Mr Safe said social pressures, self-control or competing spending needs make it difficult for farmers to save for future purchases.
“Savings products could enable farmers to make investments by helping them allocate and store money to buy inputs such as fertiliser, pesticides or other technologies, at a later time.
“Farmers largely make investments in their plots months after the harvest when households lack cash due to the agricultural cycle,” he explained.
He said in they trained farmers on the possibility of various disasters to occur during the growing season thus savings are crucial to sustaining them during such season.
SBFIC founded in 1992 in Germany, after the fall of the iron curtain and the break-up of the Soviet Union, Central and Eastern European countries increasingly requested support in financial sector development.
The Sparkassen-Finanzgruppe responded to this international demand for its expertise and experience by launching the cooperation
Mr Safe said the SBFIC and its partners in the country seek to strengthen the microfinance sector and promote vocational and financial education amid broader segments of the society. These actions enhance financial inclusion and contribute to eradicating poverty.
SBFIC Senior Capacity Development Advisor, Ms Kalunde Kapaliswa said during the exhibition they have reached farmers and those in the microfinance and Savings and Credit Cooperative Societies (SACCOS) sector.
She said they have trained farmers through a game board to simulate real-life business situations whereby it consists of the micro-business game, farmer’s business game and savings games.
“The training equips beneficiaries with knowledge and skills to professionalise their businesses, this leads them to become more reliable customers of SACCOS and microfinance institutions,” Ms Kapaliswa said.
A beneficiary, Manager for Kinyaki Teachers SACCOS in Meatu District, Mr Damas Cosmas, said they have learned how to save money: “This training will help us to strengthen our cooperatives. This education must start from school because financial education is so essential”