CBN rewards three Nigerien farmers for timely loan repayment

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The Central Bank of Nigeria (CBN) has rewarded three Niger State farmers with cash and a certificate for the timely repayment of loans they took out under the Agricultural Credit Guarantee Fund.

Presenting the awards, Comptroller of the Central Bank of Nigeria’s Minna branch, Ademola Sa’eed Mohammed, said the loans were aimed at helping farmers boost their farming businesses, noting that those who repay their loans on time s were found to be trustworthy and would be charged with public funds.

Mohammed said the award was launched to enable healthy competition between farmers and micro-finance banks in terms of proper use of loans and repayment term.

He said farmers needed resources to enable them to expand their operations to provide support to tackle food insecurity.

“Farmers need support because they play a central role in providing food to the population. They are essential in our efforts to address food insecurity in Nigeria. Therefore, the loans were granted to enable them to expand their agricultural activities. These awards are intended to promote healthy competition between farmers and participating banks in the disbursement of the Agricultural Credit Guarantee Fund,” the Comptroller said.

Mohammed noted that the door was also open to rural peasants to access the loan, but they had to form cooperatives to be self-guaranteed and have a bank account.

He said the farmers were scored on 15 criteria, including loan history, which showed how many times the farmer had taken the loan, the amount of the loan, the date granted, the duration of the loan , loan usage, loan servicing and repayment, record keeping showing compliance with best practices, productivity. , processing, marketing among others.

The ‘Best Farmer of the Year’ was awarded to Usman Tajudeen, a fish farmer from New Bussa, Borgu Local Government Area, who took a loan of one million naira from Lapo Micro Finance Bank, New Bussa, and repaid it at maturity.

Jiya Grace, a poultry farmer in Minna and Ndana Mohammed, a rice farmer in Bida, who obtained loans of N500,000 and N250,000 through Lapo micro-finance banks in Minna and Bida, also been rewarded.

In the same vein, the best participating financial institution was awarded to Lapo Micro Finance Bank with 924 entries worth N150,921,000.00.

The second best participating financial institution was Bawyi Microfinance Bank which submitted 443 applications worth N34,800,000.000, while Bejin-Doko Microfinance Bank came third with 250 applications worth N17,048,000.00 N respectively.

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