No fewer than 22,000 farmers in Kebbi State are expected to benefit from the Central Bank of Nigeria’s anchor borrowers programme aimed at increasing the cultivation of rice in Nigeria.
The farmers will be getting a N250,000 loan anchored under Nigeria Incentive-base Risk Sharing System for Agriculture Lending (NIRSAL) and will be disbursed by Sterling Bank Plc.
Speaking during an interactive session with NIRSAL officials in the state, the bank’s Head of New Business Sales, Adewale Adebowale, said the loan would cover the cost of preparation and supplies of farm inputs needed for rice cultivation within their localities.
He explained that arrangements had been concluded to engage the farmers in perfecting their account details with the bank.
He added that that would enable them to access the loan with ease.
“Our bank is currently working with other stakeholders to make the programme a success. We are taking banking to the people, as our team are on ground to engage the farmers in perfecting their account details for the disbursement.
“About 15,000 of them have already been captured. Their accounts are ready to accommodate the disbursement. What we need is the update of the remainders using our mobile Bank Verification Number (BVN) machine deployed to the field. As we engage the farmers we issue debit cards to them,” he explained further.
He also said an Extensive Agent Network (EAN) had also been put in place to ensure that farmers in the rural areas had urgent and easy access to their loans without using the Automated Teller Machine (ATM).
According to him, the aim of the bank was to ensure the funds provided to the farmers were properly utilised.
“At the end, what we want to achieve is that the funds are properly utilised. The transaction dynamics are fast and the access to the funds are guaranteed to ensure that farmers have good yields at the end of the farming session,” Adebowale assured.
Also, the NIRSAL Head of Project Monitoring and Reporting Office in the state, Mr. John Kpetsum, said the farmers are expected to engage in three hectares rice cultivation.
He maintained that the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN), gave loans to farmers at low, single-digit interest rate.
Kpetsum also disclosed that the selected farmers would access the fund through cooperative groups and were expected to make an equity contribution of 10 per cent of the loan amount.
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