The People’s Bank of Zanzibar (PBZ) has spent a total 69bn/- for purchasing cloves from farmers in the 2011/2012 harvesting season.
PBZ’s Director for Marketing and Business Growth Juma Hafidhi revealed yesterday in Dar es Salaam in an interview with The Guardian. PBZ has been very close to clove farmers by buying their produce since the season started, he said.
“We have used 69b/- in the 2011/ 2012 season where most of it came from Pemba where farmers had a bumper harvest,” he said.
Hafidhi said that the bank had so far managed to attract more farmers to save their money once they sold their crops.
He explained how the bank had succeeded in encourage farmers in the Islands by conducting seminars meant to provide education on the importance of banks.
"This is an important issue because most of the people do not know or have never gone to a bank to ask procedures on opening an account," he said.