Ecobank Nigeria Extends its Agric Loan to 70,000 Farmers; Promotes Entrepreneurship

Wednesday, July 08, 2020 / 11:30AM / Ecobank / Header Image Credit: The Bridge News

Ecobank Nigeria in its Agric Loan Scheme has restated 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 is in support of the Central Bank of Nigeria's Anchor Borrowers programmes for the 2020 wet season with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN).

Head, Agribusiness, Ecobank Nigeria, Mojisola Oguntoyinbo, announced this in Lagos while responding to media enquiries on the participation of the bank in the CBN scheme. According to her, the initiative spreads across the thirty-six states of the Federation and is one of the several concerted efforts on the part of the bank to support the government to create an ecosystem that gives small holder farmers access to funding and the required support to increase food production in the country. She also noted that the scheme is designed to connect small holder farmers with processors and off takers within the agriculture value chain.

"We are creating opportunities in the Agric sector that will help many small holder farmers expand their business and become worthy employers of labour by adopting modern farming techniques for the betterment of our economy. We are in strategic partnership with NIRSAL and some other developmental institutions to achieve our purpose.  We are also partnering the Central Bank of Nigeria (CBN) in all its intervention schemes and programmes aimed at developing the sector. Our relationships are generating positive activities across the entire Agric value chain".

This comes on the heels of the bank's widely acclaimed Agri-business summit with key stakeholders, held earlier in the year.

Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment, through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank's Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed. Thousands of Nigerians have taken advantage of this opportunity to become Xpress Point agents and have in turn, employed several others, thereby improving financial inclusion and creating employment opportunities. Xpress Points are in various neighborhoods across the country and are well positioned to facilitate financial transactions in the communities which they serve.

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