‘Mlimi Alirenji’ promo: Standard Bank offers best forex rates for tobacco farmers

As the market for tobacco has opened  growers have a chance of cashing in on their proceeds while winning big, thanks to Standard Bank which has launched “Mlimi Alirenji” Promotion, which offers competitive exchange rates for tobacco dollars.

To top it up is a brand new tractor worth K16 million to go to one lucky tobacco farmer.

All that tobacco growers will be required to do is to deposit their tobacco proceeds into their Standard Bank accounts or open new accounts with the bank. The promotion runs from 26 April to 12 August, 2016.

Launching the promotion, Head of Sales, Global Markets Gray Kazima said it aims to reward tobacco farmers with competitive rates on their dollars, while giving them an opportunity to win farm inputs and tools to support their next season’s production.

“We have provided a higher margin on their dollar proceeds through this promotion. If a grower brings their dollars to us , we  will exchange at above-market rates so that they get more kwachas for their dollars. In addition, we have lined up prizes designed to support their next season’s farming,” he said.

Kazima disclosed that the grand prize for “Mlimi Alilrenji” promotion is a brand new tractor valued at K16 million. Other prizes are bailing jacks, hessian sacks, solar power banks for charging phones, t-shirts and caps.

“Tobacco is a key commodity in Malawi because of its strategic importance to the economy. As a bank, we realise that  agriculture sector is one of the key sectors that  drives this country’s economy and the bulk  of activities in this market are agribased and we have been providing financial services  for players in this industry including facilitating and structuring seasonal exports for tobacco and other products. This promotion is in line with our continuing support to drive the growth to build mother  Malawi’s agriculture sector,” he said.

The new promotion opens up a window of opportunity for tobacco growers to maximize their income from the green leaf by accessing the foreign currency expertise that Standard Bank offers.

The bank has been named as the Best Foreign Currency provider in Africa by the prestigious and authoritative for four consecutive years Global Finance Magazine.

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