In its eff orts to drive its strategic business focus on rural economy, Unity Bank Plc has developed a product called NIRSAL Farmers Savings Account .
Th e product is specifi cally designed as a platform to execute a key aspect of the service level agreement for the NIRSAL UNITY BANK channel partnership to bank farmers in rural areas.
Commenting on the Farmer’s product, the Head, Agribusiness, Unity Bank Plc, Mr.
Olugbenga Emmanuel Adelana, said, “a total of 7 states – Kebbi, Jigawa, Zamfara, Adamawa, Kaduna, Kano and Bauchi and over 9000 small holder farmers have signed on to the scheme when the pilot of the Channel Partnership Agreement (CPA) fi rst came on stream.
Th e success and the need to grow the number of Farmers benefi ting from the scheme in other states of the federation have therefore given rise to the development of NIRSAL Farmers Savings Account”.
Th ere is no gainsaying that the creation of several intervention schemes by the Central Bank of Nigeria will boost economic diversifi cation and reduce over dependency on Crude oil.
CBN is thus funding the Anchor Borrowers Scheme in which it has set aside a whooping N500Billion for the creation of rural employment and assurance of food security.
As a sequel, A Memorandum of Understanding and Service Level Agreement on the implementation of the Channel partnership has been approved and signed by Unity Bank and NIRSAL.
Under the partnership, NIRSAL planned to disburse up to N100 billion out of the N500 billion earmarked by CBN for the Anchor Borrower Scheme, using Unity Bank as “channel partner”.
Th e scheme will leverage Unity Bank’s extensive rural branch network, e-channels and technology to reach several thousands of un-banked smallholder farmers in rural Nigeria, with access to fi nance for staple crops and livestock production, under Central Bank of Nigeria funded Anchor Borrowers Scheme.
“Unity Bank Plc, being a niche player in Agricultural fi nancing in Nigeria, with active participation in most government intervention schemes and support for key policy initiatives to drive growth and transformation of Nigeria’s Agricultural economy, has provided this platform to execute a key aspect of the service level agreement for the NIRSAL UNITY BANK channel partnership”, says Olugbenga . Th e Bank’s Head of Agric Desk.
NIRSAL is expected to channel about N2Billion in loans for dry-season farming to small holder farmers across 7 states already sign on to the scheme.
