Tkatchenko said currently banks do not allow the use of customary land as security for loans or mortgages.
Tkatchenko said the meeting held on Thursday (Jan 18) aims to find solutions that will allow landowners access to finance or arrangements.
The meeting was held with commercial bank heads and risk assessment officers and lawyers, as well as other government agencies.
“Now we’re working out a system where the bank will accept the customary land title and make it bankable for the benefit for the people of our country,” Tkatchenko stated.
The Minister said freeing up customary land will allow many potential investments and opportunities for customary landowners.
“The work that the Minister is doing to work with the customary landowners, to register their ILGs, with the Department of Lands, working with the banks, so the customary landowners work with investors to utilise their land.
Tkatchenko said 80 percent of land is locked up in customary ownership and creating opportunities to free the land for development will enable landowners and locals to participate in the economy of the country.