A study by a group of consultants is showing that a lot of farmers in the rural areas bury millions of vatu in the ground.
Peter Napwatt and two consultants are running a value chain study on kava throughout Vanuatu and their finding have so far proved that farmers make millions.
The findings also show that Vanuatu farmers do not bank their monies as there is no relevant support service or proper financial institutions services available to them.
Napwatt says ‘paper money is hard for farmers to keep at home and a lot of farmers never bank their money because they do no like the long queues at the banks.’
The study also shows that ‘farmers are no longer interested in asking for loans as a lot of commercial banks do not approve their loans due to appearance.’
A lot of farmers in rural areas no longer loan for vehicles as they feel more comfortable buying vehicles off in cash and say the banking system does not work for them.
Burying money has been a practice by Vanuatu farmers a long time ago, and after 37 years, the very improper bank attitude towards Vanuatu farmers keeps Vanuatu farmers away from the banks and the practice of burying money to keep it safe lives on.