Ecobank Nigeria Extends Agricultural Loan to 70,000 Farmers; Promotes entrepreneurship
Wednesday, July 08, 2020 / 11:30 a.m. / Ecobank / Header image credit: The Bridge News
Ecobank Nigeria, in its agricultural loan program, has reaffirmed its commitment to the agricultural sector and is supporting over 70,000 farmers with special loans to increase their capacity and yields during this planting season. This is one of the bank’s initiatives to promote entrepreneurship in the sector and supports the Anchor Borrowers programs of the Central Bank of Nigeria for the rainy season 2020 with the Association of Producers, Processors and Traders. maize from Nigeria (MAGPAMAN).
Head, Agribusiness, Ecobank Nigeria, Mojisola Oguntoyinbo, announced in Lagos when responding to media inquiries about the bank’s participation in the CBN program. According to her, the initiative spans across the thirty-six states of the Federation and is one of many concerted efforts by the bank to help the government create an ecosystem that gives smallholder farmers access. funding and support. increase food production in the country. She also noted that the program is designed to connect smallholder farmers with processors and buyers within the agricultural value chain.
“We are creating opportunities in the agricultural sector that will help many small farmers to grow their businesses and become worthy employers of labor by adopting modern farming techniques for the improvement of our economy. We are in strategic partnership. with NIRSAL and other development institutions to achieve our goal. We also collaborate with the Central Bank of Nigeria (CBN) in all its intervention plans and programs aimed at developing the sector. Our relationship generates positive activities on the entire agricultural value chain “.
This follows the bank’s highly acclaimed Agribusiness Summit with key stakeholders, held earlier in the year.
Ecobank has actively leveraged entrepreneurship as a strategy to tackle poverty and growing unemployment, through the creation of relevant platforms. One such platform is Ecobank Xpress Point, the bank’s branch office proposal that allows agents to conduct financial transactions on behalf of Ecobank and earn a commission on the transactions processed. Thousands of Nigerians took this opportunity to become Xpress Point agents and in turn employed several more, improving financial inclusion and creating employment opportunities. Xpress Points are located in various neighborhoods across the country and are well positioned to facilitate financial transactions in the communities they serve.