No fewer than 120,000 smallholder maize farmers in Nigeria will benefit from Unity Bank Plc’s funding in the wet season farming.
Its Managing Director, Mrs. Tomi Somefun made the commitment while delivering a goodwill message at the unveiling of the first national maize pyramids and kick off of wet season farming programmes at the weekend in Katsina, Katsina State.
As a major stakeholder in the roll out of the CBN’s Anchor Borrowers Programme (ABP), Unity Bank was invited to participate in the events marking the unveiling by the Maize Association of Nigeria (MAAN).
Represented by Head, Agribusiness, Unity Bank Plc, Mrs. Patricia Ahunanya, Somefun said the additional funding for 2021 wet season farming is in furtherance of the bank’s commitment towards supporting maize farmers in the country.
She noted that the strategic partnership with MAAN commenced in 2019 with the financing of about 37,182 smallholder farmers, with the bank increasing its financing tally to 70,604 smallholder farmers last year.
“The maize pyramids will go down in history as the first maize pyramid in Nigeria which demonstrates not only the resilience of our farmers but also the commendable vision of the Federal Government of Nigeria through the implementing partners. This should be replicated in all states with a focus on the crops that have comparative advantage,” Somefun said.
She noted that with agriculture contributing over 26 per cent to Nigeria’s Gross Domestic Product (GDP), and employing about 50 per cent of Nigeria’s working population in the rural areas, the bank will continue to make strategic investments into the sector in line with the Federal Government’s quest to attain food sufficiency, diversify the economy away from oil, create jobs for the youth and reduce poverty.
“Unity Bank is fully committed to its partnership with MAAN and this commitment will ensure the attainment of FGN/CBN target to meeting self-sufficiency in maize production through the association,” Somefun said.
President, MAAN, Dr. Abubakar Bello commended Unity Bank for its continued support of the farmers through its strategic role in providing finance to maize farmers.
“We cannot appreciate enough our financing partners, especially Unity Bank. Today, we have over 50,000 bags of maize in this pyramid, which will contribute significantly to Nigeria’s strategic grain reserves. This could not have been possible without the financing made possible by these partners. We commend them for this role and remain grateful,” Bello said.
He reiterated the commitment of the association to continue to meet the financing obligations and sustain the drive for increased maize output in this wet season farming.
Unity Bank had recently received similar commendation from Rice Farmers Association of Nigeria (RIFAN) over its strategic role in providing the necessary support to the association to explore the opportunities provided by the CBN’s Anchor Borrowers’ Programme (ABP).
RIFAN specifically commended Somefun for her leadership and doggedness in supporting the rice farmers through the ABP, which is playing a critical role in Nigeria’s quest to attain self-sufficiency in rice production.
FG to Earn N462 Billion from Electronic Money Transfer Levy in 2021 – World Bank
The World Bank has said the Federal Government of Nigeria will earn an estimated N462 billion from electronic money transfer levy in 2021.
The leading multilateral financial institution disclosed in its ‘Resilience through Reforms’ report.
The Federal Government had introduced a levy on electronic money transfer in the Finance Act 2020 to take advantage of the growing electronic transfer in the country and up revenue generation.
The electronic money transfer levy is a single one-off charge of N50 on electronic fund transfer in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.
Akpan Ekpo, the Chairman of the Foundation for Economic Research and Training, who spoke in a telephone interview voiced his concerns on the levy.
He said, “The levy is remitted to the government, which is fine. But I think the savers, the people who use the transfer channels, are over-levied. You pay maintenance fee, transfer fee, and I think if this level of levying continues, it will discourage people from using electronic channels.
“Personally, I think the EMT levy should be out of the Finance Act. There is too much burden on the citizens, although the government is making great money from it. Let us hope they use the money wisely, but it shouldn’t have been put there in the first place.
“It is a law now; there is nothing that can be done about it. But I hope it is used wisely, and they would be transparent about how the money is being used.”
Akpan said the EMT levy would discourage individuals outside the formal banking net.
He said, “With the EMT levy, more people are discouraged from using the banks and its services. A lot of Nigerians sell in rural areas, and are outside the financial system net.
“With the EMT, more people are further excluded. There really was no need to introduce the EMT; it will discourage those who are not already in the formal banking sector from even coming into it. It is likely to further deepen the financial exclusion of many Nigerians.”
Hope PSBANK Collaborates With FG To Create 100 Jobs In Each Local Government
Hope Payment Service Bank, a subsidiary of Unified Payment Services Limited and Nigeria’s premier digital bank is collaborating with the Federal Government through the Ministry of Labour and Productivity to create jobs for no fewer than 77,400 people across the country.
The employment opportunity is part of the exit strategy of the Federal Government’s Special Public Works Programme being executed alongside the bank by empowering 100 Nigerians in each of the 774 local governments.
Speaking at the official kick-off of the collaboration, the Managing Director, Hope Payment Service Bank, Mr. Ayotunde Kuponiyi noted that the digital bank serves as an enabling platform that would interface with 77,400 beneficiaries selected from the Special Works Programme of the FG to exit them into self-employment.
Kuponiyi stressed that the focus of the collaboration is geared towards empowering beneficiaries through the agency banking platform in carrying out financial services such as account opening, bills payments, fund transfer, cash in/cash for Nigerians while they earn commission in return with just the use of their smartphones.
According to him, this initiative comes at no cost to the beneficiaries as they can use their phones to carry out agency banking activities for which they earn commissions on each activity carried out. “Once on board, these beneficiaries will become HOPE PSBANK agents. They will undergo training on the various activities by the bank at no cost to them”, he added.
“We are very excited about this collaboration with the Ministry, which is in line with the thrust of the social objectives of Hope Payment Service Bank – poverty reduction through financial inclusion and diffusion of digital financial services”, he said.
Airtel Partners AXA Mansard, Unveils Mobile Health Insurance via USSD
Airtel Nigeria and AXA Mansard, have entered a strategic partnership to deepen access, participation and enrolment in health insurance for more Nigerians.
The partnership by Airtel and AXA Mansard is in response to the Federal Government’s goal, through the National Health Insurance Scheme, to provide easy access to healthcare for all Nigerians by leveraging on the USSD channel, an easy-to-use and interactive platform.
By dialing the shortcode, *987*7#, Airtel customers can now conveniently enroll for affordable and robust health insurance plans from AXA Mansard, with access to over 1,000 hospitals nationwide for quality healthcare services.
Commenting on Airtel’s partnership with AXA Mansard on the Mobile Health Insurance, the Head Mobile Financial Services, Airtel Nigeria, Muyiwa Ebitanmi, said the mobile health insurance initiative demonstrates Airtel’s commitment to providing innovative and relevant solutions that will empower more Nigerians to conveniently access best-in-class health insurance value offerings.
“Airtel Nigeria is always exploring innovative ways and platforms that will make life easier, more meaningful and more enjoyable for Nigerians. With this initiative, we are not just delivering bespoke health insurance services to the doorstep of more people, we are also leading a quiet revolution that will drive and deepen health insurance inclusion by removing the many barriers that have hitherto excluded many well-meaning Nigerians from participating in the sector.”
Speaking about the Mobile Health Insurance initiative, the Head, Emerging Customers and Digital Partnerships Group at AXA Mansard, Mr. Alfred Egbai, stated that “our research has shown the value and importance of having a health insurance plan to the public especially for the emerging customers in the country, but for many reasons, the uptake of insurance products has been low”.
He continued, “In order to mitigate these challenges and satisfy the health needs of the retail consumer whilst also encouraging the uptake of health insurance in the country, we have partnered with Airtel Nigeria to provide a solution that gives users a convenient way to purchase and manage their AXA Mansard micro-insurance plans.”
Malaria Cover, Inpatient, Outpatient, Specialist medical consultations, Immunizations, Family planning, Ambulance services, Dental care and more are some of the covers provided in the AXA Mansard Health plans.
“The challenges to the implementation of health insurance schemes hitherto include a low level of awareness, affordability, ineffective distribution systems and inefficient payment models.
“The partnership between Airtel Nigeria and AXA Mansard is aimed at solving these challenges and assisting Nigerians to access a viable Health Insurance Scheme,” he said
Airtel Nigeria, as a socially responsible organization, will continue to partner with industry leaders to bring products and services that will touch the lives of its subscribers in very positive ways.
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