Enterprise

Kenya Seed, banks enter deal to finance farmers

Farmers admire vegetables at the Kenya Seed Company stand at the Central ASK show in Nyeri . PHOTO | JOSEPH KANYI
Farmers admire vegetables at the Kenya Seed Company stand at the Central ASK show in Nyeri . PHOTO | JOSEPH KANYI 

The Kenya Seed Company (KSC) and financial institutions have signed an agreement that will see contracted farmers get access to credit from lenders in a move aimed at boosting yields.

The deal, which will ease farmers struggle with accessing finance for their enterprise is expected to boost quality of seed in the country as growers will have cash in time to buy all the required inputs.

Barclays Bank, National Bank, KCB and Agriculture Finance Corporation (AFC) have signed a memorandum of understanding (MoU) with the seed firm, committing to finance the KSC’s contracted seed growers.

“Accessing finance has been a major challenge to farmers and this has always compromised the yields,” said Azariah Soi, the managing director Kenya Seed Company.