N895m loans disbursed to farmers in 46 years
ABOUT N895, 545, 564 HAS been disbursed as loans to farmers and other categories of business operators in Kwara in the last 46 years, the Bank of Agriculture (BOA) has said.
Kabir Adamu, managing director and chief executive officer of the bank, speaking at the inauguration of Erin-Ile branch of the bank noted that out of that amount, the N227, 463, 952 had been repaid, leaving a balance of N618, 081, 612 unpaid.
He described as not encouraging, the failure by many of those who took the loans to repay.
“I wish to seize this opportunity to request all those who collected loans from BOA and still owe to go and pay up. Without paying back their earlier loan, they cannot have any relationship with the bank again and they are denying opportunities to genuine would-be borrowers the ability to access fund from the bank,” he said.
The BOA charged between nine percent and 14 percent on its loans.
He stressed that the branch would be run as one of the bank’s business focus products known as “the Bank of Agriculture Rural Business Initiative (BoARBI) model. “
“The model is anchored on the Federal Government concept of financial inclusion which fulfils the bank’s primary mission of stimulating agriculture.”
According to him, the concept would improve lives and grow communities by promoting sustainable agriculture and rural prosperity through effective credit support.
“It is targeted at people whose loan requirements start from as low as N20, 000 and are largely not banked.”
Adamu said the bank had the mandate to provide services in agricultural value chain lending, non- agricultural lending, savings mobilisation and rural self- employment opportunities.
He called on the people of Erin-Ile to see the new branch of the bank as an opportunity to take advantage of the BoARBI Centre to grow their businesses.
According to the managing director, the branch would afford them the opportunity to increase their personal and family income.
“In particular, we shall give priority to the women and the youths willing to meet our requirements,” he said.