ADB expands reach to agri-sector

KIERAN ANDREW KHAN

The Agricultural Development Bank (ADB) celebrated its 50th anniversary in January, but the origin of the bank dates back to the 1800s, when it was known at the Agricultural Bank.

At the opening on September 15 of its new south branch and the relaunch of its Mobile Banking Unit, the bank’s CEO Sheivan Ramnath said the name was changed in the 1940s to the Agricultural Credit Bank and enactment through the ADB Act, in 1968, gave rise to the bank in its current form. He told those in attendance that the launch is consistent with the bank’s strategic plan, which is structured around four key pillars, designed to propel the organisation and agricultural sector forward.

“As a service-based organisation, it is important that available resources are effectively deployed to adequately satisfy the varying needs of the farming community along all stages of the agricultural value chain. So, to this end our first pillar involves stronger client and stakeholder relationship management,” the CEO said. “The second pillar relates to our image, which speaks to the perception of the ADB by all our stakeholders, especially our clients and how we are going to continuously improve in this area,” he continued.

“Operational excellence, the third pillar, aims to ensure that the business processes with the right control mechanisms are in effect and efficient so that the objectives of the bank as stated in the ADB Act are met. This is expected to lead to an improved customer experience and new and repeat business for the bank.” Organisational realignment, he said, was the fourth pillar “which speaks to ensuring that the appropriate structure is in place to support the bank’s strategy which includes a framework to effectively service our clients.”

He said this is where the new south office and the mobile unit fit in.

“It also ensures that the ADB operates within the context of applicable legislative guidelines to achieve our objectives.” He noted that the opening of the new branch office, at Gordon Street in San Fernando, is intended to achieve a positive work environment for staff members and to create a safe space to support the external customer. Just before the commissioning of the mobile unit – demonstrated as a passenger van equipped with seating and desks for two client spaces, printers and peripherals – he noted, “This is the concept of taking the bank to the people; further lending support to the five-branch network and two sub offices across the country with the intent of better serving the farmers and agro-entrepreneurs of our nation.”

Wendy Samsundar-Beharry, corporate manager, business development said, “The goal is to provide branchless banking services by facilitating the delivery of services outside physical buildings. Of note is that half of the world’s adult population, approximately 2.5 billion people, do not have access to banking and financial services, especially in developing countries. Access to financial services has a critical role to play in reducing poverty, boosting shared prosperity and supporting inclusive and sustainable development. With this in mind we intend to take our frontline business activities directly to our customers, alongside the careful promotion of credit administration and debt recovery.” She said the mobile banking service will only have cash-less transactions.

Chairman Winston Rudder noted in his remarks, “This is a bank for agri-business and agro-entrepreneurs. We are looking at our farming and fishing sectors to make them productive, efficient, effective and to support financing along that line. There is no relevance to agro-financing unless there are other supporting aspects to make it sustainable and to also ensure that we can move beyond dependency on state subventions to a more self-sustainable format.”

The feature address was given by Minster of Agriculture, Land and Fisheries Clarence Rambharat.

“I remember finding an old magazine called The Villager in the archives and reading about the work being done by then agriculture minister Kamal Mohammed with regards to his plans for the sector. What took me by surprise is that we are talking about the same things that he was talking about in the early 1980s – so we need to take these ideas and move forward. The sector is faced with several challenges including land tenure, climate change, poor and low productivity in this country among several others. To this end, we are moving to launch the agriculture incentive to farmers later this month, which is not aimed at vanity projects like purchasing vehicles, but rather to those wishing to increase production, become sustainable, improve their resistance to climate change and improve health and safety conditions,” the minister said. This incentive will be reviewed by a five-member panel, possibly including the ADB, Namdevco as well as representatives from the agriculture and finance ministries.