RBZ urges cotton farmers to open bank accounts

THE Reserve Bank of Zimbabwe (RBZ) has called on cotton farmers to open low cost bank accounts and register for mobile money to facilitate timeous payment for their deliveries.

RBZ Governor, Dr John Mangudya, yesterday said cotton farmers will be paid $40 cash per bale while the rest of the money will be transferred to their accounts.

“The bank, in consultation with the Agricultural Marketing Authority (AMA), the Cotton Ginners Association of Zimbabwe (CGAZ) and cotton merchants has established a framework for payment for seed cotton in terms of which each seed cotton grower shall be paid $40 in cash per bale and the balance being paid directly into the grower’s bank account or through mobile wallet,” said Dr Mangudya.

“The bank therefore calls upon all the cotton growers to open low cost bank account and or register for mobile wallets in order to facilitate timeous payment for their deliveries seed cotton.”

He said the apex bank remains committed to paying the farmers their money on time.

“Seed cotton growers are further reminded that the adjusted prices of Grade A and B seed cotton (after grading) shall be paid directly into bank accounts and or through mobile wallets,” said Dr Mangudya.

He warned against parallel marketing of the cotton seed.

“Please also note that in terms of current regulation governing the marketing of seed cotton, side marketing is a punishable offence. Cotton growers are therefore advised to desist from this practice,” he warned.

Cotton growers are expecting a bumper harvest following a successful farming season, which was supported by the Presidential Input Scheme.

The Government boosted the cotton farmers by increasing the producer price of the crop from 40c per kg to 47c.–chron