The Centre for Agricultural Transformation (CAT) has commended Standard Bank for creating viable partnerships with organizations that work with smallholder farmers in the country.
CAT Executive Director, Macleod Nkhoma, made the sentiments last Friday during a glamorous Phuka Incubation Graduation and Pitch Night event at the Bingu International Convention Centre (BICC) in Lilongwe.
The event was organized under the partnership of Standard Bank, CAT and Synergy Labs through the agriculture-focused Phuka Incubation Program.
“I would like to thank Standard Bank for the opportunity of partnership with us at the CAT through this Phuka Incubation Program. Our smallholder farmers need financial capital to thrive in their farming as a business and I hope Standard Bank will continue to partner with us so that together we are able to support these farmers with inclusive financial solutions,” he said.
Nkhoma also praised Synergy Labs for being part of the partnership through the Phuka Incubation program, which has been designed to mentor entrepreneurs and agribusinesses on various skills to ably manage their agricultural business.
The Phuka Incubation program is an initiative of Standard Bank Malawi through partnership with CAT and Synergy Labs, marked by efficient sessions encompassing induction, intensive training, networking, a boot camp and field visits.
Standard Bank Malawi Chief Executive Phillip Madinga attributed the success of the Phuka Incubation initiative to the strong partnership it has with the CAT and Synergy Labs.
“Thank you, CAT, for the great partnership which has seen this success under the Phuka Incubation Program. We look forward to cementing this partnership to help our entrepreneurs and businesses grow. These entrepreneurs will be champions for Malawi growth,” he said.
During the event, Teren Agro Limited represented by Taziona Chigwe, carted home K10 million prize money for emerging the ultimate winner after pitching a successful business idea. During the event, Standard Bank also awarded K1 million to the most favoured and preferred pitch which was identified through voting by the audience.
A total of five agribusinesses were shortlisted to pitch, following a six-week mentorship which saw 46 entrepreneurs and agribusiness graduating with certificates on the day.
Teren Agro Limited is one of the agribusinesses the CAT has been partnering to upscale agricultural technologies and innovations being showcased at the CAT Smart Farms to tobacco-reliant smallholder farmers so that they could diversify, increase productivity and incomes for improved household food security.
Synergy Labs Board chairperson, Justice Zione Ntaba, also thanked Standard Bank and CAT for working together to support entrepreneurs and agribusinesses with skills and opportunities to manage their businesses.
CAT hopes that the knowledge, skills and opportunities the entrepreneurs and agribusinesses have gained will ultimately help smallholder farmers increase productivity, thereby contributing to the Malawi 2063 vision under the agricultural productivity and commercialisation pillar.
