Zimbabwe’s largest consolidated financial group, Old Mutual, is targeting farmers at the Zimbabwe Agricultural Show.
This year’s show is running under the theme "Cultivating Prosperity. Growing Business. Innovation for Change. Nurturing our Future," a critical component of this year's event is the financial literacy training session hosted by Old Mutual.
Agriculture is the backbone of Zimbabwe's economy, contributing significantly to the country's GDP, exports, and employment. However, financial literacy remains a challenge for many farmers. That's why Old Mutual's "On the Money" program is stepping in to equip this vital sector with the knowledge and skills to better manage their finances.
"Financial literacy is essential for farmers to improve their financial management, access resources, make informed decisions, and build sustainable agricultural businesses," explained Lillian Mbayiwa, the Group Marketing, Public Affairs, and Sustainability Executive at Old Mutual Zimbabwe.
"By empowering farmers with these capabilities, we can enhance their overall financial well-being and the success of their farming operations."
The "On the Money" program takes a unique approach, drawing parallels between the behaviors of Africa's "Big Five" animals, the lion, leopard, elephant, rhino, and buffalo and key financial principles.
"This innovative framework makes complex financial concepts more relatable and memorable for our participants," said Mbayiwa."As a responsible corporate citizen, we recognize the vital role that agriculture plays in Zimbabwe's economy. By investing in the financial literacy of our farmers, we're not only supporting individual businesses, but also contributing to the long-term prosperity and sustainability of the entire sector," added Mbayiwa.
The "On the Money" financial literacy training promises a myriad of advantages for farmers. Participants will learn how to create budgets, track income and expenses, and make informed decisions about investments.
With a better understanding of financial concepts, farmers are more likely to qualify for loans and other forms of credit, which they can use to expand their operations or invest in new technologies.
Farmers will learn about various risk mitigation strategies, such as insurance and hedging, to protect their businesses from unforeseen events.By making sound financial decisions, farmers can improve their overall profitability through cost-cutting, better price negotiation, and identifying new revenue streams.
The training will enable farmers to set goals, create savings plans, and make investments that will benefit them and their families in the future, such as retirement planning or succession planning.