MARONDERA, Zimbabwe — HOW A CATTLE BANK WORKS:
_ The bank sends a veterinary official to inspect a farmer's cattle and assesses their monetary worth.
_ Based on that, owners can get loans up to the value of the cattle they are banking as collateral.
_The bank pays 10 percent interest a year on the value of the cattle deposited, which can be paid out in cash or additional cows.
_ Owners have the option to get back their cattle after an initial two years or leave them with the bank for longer.
_ In the event the owner fails to repay the loan, the bank keeps the animals.
_ When an owner dies, a close member of the family can take over payment of the loan and ultimately get the cattle back.
_ The bank reserves the right to slaughter aging cattle to sell the beef and replace them with more productive cattle of the same value.
_ The bank also carries out breeding programs and gets to keep the calves of cows deposited.