70,000 Farmers to Receive Special Loans from Ecobank

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SWITZERLAND, JULY 13 – Ecobank Nigeria has reiterated its commitment to developing the agricultural sector and announced its intention to support over 70,000 farmers with special loans to increase their capacity and yields during this planting season.

The bank describes this move as one of its initiatives to boost entrepreneurship in the sector and support 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.

She mentioned that the initiative cuts across the 36 states 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.

The scheme is also designed to connect smallholder farmers with processors and off-takers within the agriculture value chain.

“We are creating opportunities in the agric sector that will help many smallholder 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 with 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,” she said.

Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment, through the creation of relevant platforms.

A notable initiative is Ecobank Xpress Point, a banking proposition which enables agents to carry out financial transactions on behalf of Ecobank and earn commission on transactions processed.

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