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Unity Bank Supports 642,860 Farmers in 35 States

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Over 642,860 smallholder farmers across 35 states of the federation have received support from Unity Bank Plc under the CBN’s Anchor Borrower’s Programme, ABP to boost food production and attain self-sufficiency in rice production in Nigeria.

Giving the assessment at the flag-off of the 2020 wet season harvest aggregation in Kebbi State, recently, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun, reassured the rice farmers of the commitment of the bank to providing necessary support to rice farmers in Nigeria.

While delivering a goodwill message, Somefun went down memory lane stating that the berthing of the bank was closely linked to the critical role it played in agric financing, adding that, “Unity Bank remains fully committed to its partnership with the Rice Farmers Association of Nigeria, RIFAN and its programmes.”

“This commitment will ensure the attainment of Central Bank of Nigeria, CBN’s target to achieve self-sufficiency in rice production through the association,” she added.

Unity Bank in 2019 earned an award of recognition, which was jointly presented by President Muhammadu Buhari and the Rice Farmers Association of Nigeria (RIFAN) for its strong participation in the ABP in 2019.

She recalled that the bank’s participation in the CBN’s Anchor Borrower’s Programme, ABP dates back to 2017 after the official flag off the scheme in Kebbi State by President Muhammadu Buhari in November 17, 2015, noting that the first two-State-led-windows of the ABP was sponsored by the Bank.

“We financed wheat production in Jigawa in 2017 with about 1,600 farmers and in the same year, financed rice production in Sokoto State with a total number of about 6,600 smallholder farmers,” she recalled.

She stated that in 2018, the Bank entered into a strategic partnership with three major associations – Rice Farmers Association of Nigeria (RIFAN), Maize Association of Nigeria (MAAN) and National Cotton Association of Nigeria (NACOTAN) and explained that the Bank’s participation in 2017 provided the much-needed experience and the learning curves for the APB transactions.

According to Somefun, the Bank’s strategic partnership with RIFAN in 2018 witnessed the financing of about 273,000 smallholder farmers to a tune of about N37 billion. This, she said, was the largest single ticket transaction that year, as the financing cut across 33 states of the Federation including the FCT.

She said, “In 2019, the Bank increased the tally by financing another 146,810 smallholder farmers to a tune of N42 billion for the wet and dry season farming. This funding cut across 35 States of the Federation including the FCT.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

Wema Bank, MOD Launch Scheme For International Students

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Wema Bank has launched an advisory and loan scheme, the Education Advisory Service, in partnership with MOD Education for young Nigerians wishing to study abroad.

Following foreign exchange control measures introduced by the government, parents and guardians have experienced difficulties paying tuition fees for their children and wards studying abroad. Some who have the money don’t know the requirements for foreign admission and waste lots of time and resources in fruitless searches.

But to help them surmount these challenges, Wema Bank has partnered with MOD Education, a professional student advisory, marketing, recruitment and placement company for the advisory services and school fees advance facility. The partnership, which was launched on Friday, April 9 at Eko Hotels, Victoria Island, will see both organizations providing innovative education advisory services and funds for international students.

Speaking about the partnership, Divisional Head, Retail Business, Wema Bank, Dotun Ifebogun, explained that the initiative would aid hundreds of thousands of Nigerians requiring advisory and financial support to pay for their wards in foreign schools.

He explained that Wema Bank does not want the aspirations of Nigerians desirous of foreign education truncated, hence the support.

“We are interested in everything that concerns our customers, and education is one of them. Some parents and guardians desire a certain quality of education for their wards outside the shores of Nigeria, and we would be able to assist them with this product. Our school fees advance loan results from the requests of parents and guardians who need to get short term financial support to meet the tuition obligation of their wards irrespective of the constant increase in fees.

“There’s nothing as heartbreaking as withdrawing a child already in a foreign university or being unable to raise the requisite forex for a child offered admission in a top-rated foreign institution of higher learning. But our school fees advance loan will take care of this problem and help secure the futures of such students – both undergraduates and postgraduates. The fact that you get counsel from the right sources at any particular time is another benefit of this product.

Also, the Managing Director, MOD Education, Michael Dosunmu, expressed gratitude to Wema Bank for the partnership. “Wema Bank has been supportive to us as a business and it was just a natural marriage. We trust the bank enough to bank with them, and our trust is enough to recommend it to others.”

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Banking Sector

UBA Organises Capacity Building Forum

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As part of its commitment to support the growth and sustainability of micro, small and medium-scale enterprises (MSME) in the continent, the United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving, a statement from the bank explained.

The topic for the next edition of the series is, “Managing Performance for Business Growth,” and it will be held today, via Microsoft Teams.

At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, “with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth.”

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2 per cent of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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Banking Sector

CBN to Extend Credit Risk Management System to OFIs

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In an effort to curb growing bad debt, the Central Bank of Nigeria has said it will extend its Credit Risk Management System to Other Financial Institutions (OFIs) operating in Nigeria to protect them from bad debtors.

According to the apex bank, this is important following the successful implementation of the credit risk system in other lending institutions operating in Nigeria.

The bank disclosed this in a circular titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ and signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, on Monday.

In part, the circular read, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CTMS platform.

“Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis.

“OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions”.

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