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2.85 Million Farmers Benefitted From Anchor Borrowers Programme – CBN

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2.85 Million Farmers Benefitted From Anchor Borrowers Programme – CBN

About 2.85 million farmers benefitted from the Anchor Borrowers Programme from the inception of the scheme to the end of 2020.

According to figures obtained from the Central Bank of Nigeria on Monday, N554.63bn had been disbursed, of which N61.02bn was allocated to 359,370 dry season farmers.

The CBN also stated in its last October monthly report that under the Anchor Borrowers Programme, the sum of N1.9bn was disbursed to 2,521 farmers to cultivate 8,963 hectares of land through three participating financial institutions.

It said the funds was disbursed to farmers cultivating 3,097,834 hectares across some commodities, namely; cassava, cotton, fish, ground nut, maize, poultry, rice, soya beans, wheat, cattle, sorghum, ginger, castor seed, sesame, tomato, cocoa, yellow pepper, oil palm, cowpea and onion.

The CBN stated that it guaranteed N1.bn to 10,105 farmers under the ACGS in September 2020.

This amount represented an increase of 221.8 per cent above the level in August 2020.

A sub-sectoral analysis indicated that food crops obtained the largest share of N461m guaranteed to 4,744 beneficiaries.

Mixed crops registered N405.3m guaranteed to 4,850 beneficiaries.

Livestock, cash crops, fishery, and others received N73.9m, N33.5m, N25.8m, and N9.8m guaranteed to 238, 167, 67, and 39 beneficiaries, respectively.

Further analysis indicated that 28 states and the FCT benefited from the scheme with the highest and lowest sums of N404.2m and N0.8m guaranteed to farmers in Adamawa and Sokoto States, respectively.

Also, the bank disbursed of N26.99bn to 6,372 beneficiaries under the AGSMEIS in September 2020, bringing the cumulative disbursement from inception to end-September 2020 to N66.2bn in favour of 17,541 beneficiaries.

To facilitate the AGSMEIS, the CBN said it ratified NIRSAL Microfinance to oversee the operations of the scheme.

In September 2020, it added, N7.75bn was disbursed to 10 projects through nine PFIs under the HSIF established within the RSSF-DCRR in March 2020.

This brought the cumulative sum disbursed from inception to end-September 2020 to N47.1bn in favour of 46 beneficiaries.

The sum of N52bn had been disbursed in favour of 41 projects from inception to end-September 2020 under the TSIF.

N3bn was disbursed to Inez Global Ltd in the Power Sector in September 2020 under the PAIF.

Thus, the cumulative disbursement from inception to end-September 2020 stood at N311.2bn to 74 projects comprising 50 power projects valued at N190.4bn, and 24 airline projects valued at N120.8bn.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

Bank Account Ownership in Nigeria Increased to 45% – World Bank

The number of unbanked adults in Nigeria continues to decline as the Federal Government through the Central Bank of Nigeria (CBN) intensified financial inclusion efforts.

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Global Banking - Investors King

The number of unbanked adults in Nigeria continues to decline as the Federal Government through the Central Bank of Nigeria (CBN) intensified financial inclusion efforts.

The percentage of adults with a bank account in Nigeria rose to 45% from 30%, according to the latest World Bank report titled ‘The Global Findex Database 2021’ obtained by Investors King.

The number includes all accounts with regulated financial institutions in Nigeria.

In part, the report reads, “Individual economies saw different rates of growth over the past decade. Between 2011 and 2021, economies such as Peru, South Africa, and Uganda drove up the average with account ownership increases of 25 percentage points or more.

“Uganda, in fact, saw its rate more than triple, from 20 per cent to 66 per cent. In India, account ownership more than doubled in the past decade, from 35 per cent in 2011 to 78 per cent in 2021. This outcome stemmed in part from an Indian government policy launched in 2014 that leveraged biometric identification cards to boost account ownership among unbanked adults.

“Other economies saw much smaller increases over longer periods. Pakistan, for example, grew by just 10 percentage points over the past decade, from 10 per cent in 2011 to 21 per cent in 2021. The Arab Republic of Egypt and Nigeria increased ownership by 18 percentage points and 16 percentage points, respectively—from 10 per cent to 27 per cent in Egypt, and from 30 per cent to 45 per cent in Nigeria.”

The Washington-based bank attributed the increase in account ownership in Nigeria and other African nations to growing mobile payment adoption.

It stated, “In Sub-Saharan Africa in 2021, 55 per cent of adults had an account, including 33 per cent of adults who had a mobile money account—the largest share of any region in the world and more than three times larger than the 10 per cent global average of mobile money account ownership.

“Sub-Saharan Africa is home to all 11 economies in which a larger share of adults only had a mobile money account rather than a bank or other financial institution account. The spread of mobile money accounts has created new opportunities to better serve women, poor people, and other groups who traditionally have been excluded from the formal financial system.”

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Finance

CBN Offers Farmer N131 Billion Loan Guarantee

The Central Bank of Nigeria (CBN) through its Agricultural Credit Guarantee Scheme Fund (ACGSF) has guaranteed loans estimated at N13.903 billion for farmers across the country.

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Food Security - Investors King

The Central Bank of Nigeria (CBN) through its Agricultural Credit Guarantee Scheme Fund (ACGSF) has guaranteed loans estimated at N13.903 billion for farmers across the country.

The CBN disclosed this on Thursday at the national award ceremony for the 2021 Best Farmer of the Year Award organised by the ACGSF in Abuja.

According to Mr Stephen Okon, the Chairman ACGSF, “A total of 1,232,326 loans valued N130.903b were guaranteed from inception to May 2022 out of which 973,646 beneficiaries had repaid a total of N98.91b.”

In the Federal Capital Territory (FCT), ACGSF guaranteed a total of 82 loans worth N22.580 million between January to May 2022. This, according to Okon, brought the total loans guaranteed in FCT from the begining of the scheme in 1978 to May 2022 to 14,258 and at a value of N1.748 billion.

In terms of loan recovery, the Chairman said FCT farmers have repaid 11,726 loans worth N801.058 million since inception, adding that the positive result showed a high level of commitment of loan offers in FCT as well as the determination of the farmers.

“We do hope that before long, participants in the agricultural value chain in the FCT will take advantage of the opportunities provided in the Amended Act,” he said.

The ACGSF was created under in April, 1978 to de-risk agricultural loans by providing guarantees to deposit money banks offering loans to the agricultural sector.

Speaking on Thursday ceremony, Michael Onyeka Ogbu the Abuja Branch Controller, said the gathering shows CBN commitment to supporting hard work, innovation, and productivity in the agricultural value chain.

“To this end, the CBN challenges Nigerian farmers to explore our various agricultural interventions aimed at enhancing value addition to their output towards attaining food self-sufficiency, provision of raw materials to our manufacturing industries and also for export, which ultimately assists in diversifying and improving the foreign exchange earnings base of our economy,” he said.

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Banking Sector

FirstBank Launches Single-Digit Loan for Women-Owned Businesses, Reinforces its Role in Strengthening Gender Inclusion in Nigeria

First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

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FirstBank Headquarter - Investors King

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The FirstGem loan scheme is designed for female-owned or partnered SMEs  in the following sectors  Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth  management and building an investment portfolio. FirstGem is  designed specifically to meet the needs of the female gender, aged 18 years and above.

FirstGem  is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual  and physicalevents),  regular insights on business / investment  opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering  lifestyle products and services.

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs. 

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