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How Magande helped to make Chilala the best black farmer in Zambia
July 1, | Filed under: Business,Latest News | Posted by: News Desk
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Ng&#;andu Magande
“In mid, the Agricultural Finance Company (AFC) was dissolved and Lima Bank took over all the assets and liabilities of both the AFC and Zambia Agricultural Development Bank (ZADB).
Amongst the assets were a large number of members of staff and a huge stock of bad debts. This was because AFC had relaxed its lending procedures in consonance with the socialist policies that had developed in other Zambian economic areas.
Many of the delinquent borrowers of the AFC were those who wrongly believed that the loans were not to be repaid as they were independence gifts.
We instituted strict lending rules and debt collection measures, such as confiscation of valuable assets including cattle from cattle-keeping defaulters.
I directed the Lima Bank officials at the Kalomo branch to confiscate cattle from a well-known village h