PACRA/Musika revolutionizes financial inclusion for Zambian farmers

By Francis Maingaila

Lusaka, Zambia, March 27, 2024 – The Patents and Companies Registration Agency (PACRA) and Musika have teamed up to revolutionize financial inclusion for Zambian farmers.

Speaking when he officially opened a workshop, Benson Mpalo, the Patents and Companies Registration Agency (PACRA) Chief Executive Officer (CEO), expressed happiness to partner with Musika to conduct a workshop to propagate the idea of Movable Property (Security Interest).

Mpalo said the registry workshop, which was sponsored by Musika Initiative Development Zambia Limited, aimed to highlight the importance of working with farmers.

Mr. Mpalo reminded that the majority of farmers are rural-based and are small-scale with minimal opportunities to raise capital.

Through this collaboration, PACRA and Musika are committed to promoting embedded financial services and facilitating the use of movable assets, such as livestock, to provide easier access to affordable agricultural finance.

The MoU signing heralds a new era for the Movable Property Registry System, with extensive awareness campaigns planned nationwide through workshops, radio, and television broadcasts.

Musika’s Managing Director, Mr. Reuben Banda, emphasized the importance of tailored financial solutions for farmers lacking adequate record-keeping and capital.

Musika’s Operations Director, Mr. Joshua Munkombwe, hailed PACRA’s initiative as a significant stride towards fostering financial inclusion in Zambia’s agricultural landscape.

Representing the Bank of Zambia (BOZ), Mr. Patrick Zulu urged financial institutions to leverage the registry to enhance credit accessibility.

He emphasized the potential of movable assets, such as livestock, in expanding lending portfolios.

Through collaboration and innovation, PACRA, Musika, and financial institutions aim to empower Zambian farmers, unlocking the full potential of the agricultural sector.