WE HAVE PAID ALL DUE CLAIMS – FINCORP

MBABANE - Eswatini Development Finance Corporation (FINCORP) says according to their records, they have paid all due and rightful payback claims received, thus far from sugar cane farmers.  

This comes after recent allegations raised through one of the digital news media platforms surrounding the issue of ‘backpay’ to farmers at FINCORP.    In a statement released yesterday, FINCORP Brand Development and Communications Officer, Manqoba Makhubu, said as an organisation, they valued the relationship they have built over the years with the farming community and therefore they took any complaints raised very seriously.
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Makhubu said any farmer who qualifies for backpay but has not been paid was encouraged to approach the respective branch to follow up. He said any amount that was rightfully due to a farmer shall always be processed without fail and where payment was not made, a full explanation shall be provided. Makhubu clarified that the money sugar cane farmers earn was based on their yields; sucrose content and market price, which is not in any way controlled by FINCORP.  He said at the end of the year, farmers were paid based on the initial declared sucrose price.
He said, however, the price for the crushing season was then later reviewed resulting in a price adjustment normally referred to as ‘back pay’ when the adjustment was favourable to the farmer.
Makhubu said as a result, if all the farmer’s accounts were up to date, the adjustment was then paid to the farmer. “However, if the farmer has not fulfilled all loan obligations, the backpay is then used to cover the shortfall in part or in full,” he said.
The communications officer added that they will investigate the matter. He further invited the affected farmers to come forward to register their complaints at their offices as they had in place a transparent complaint handling system publicly displayed at all our offices.

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