Speaking during an interactive session with Nirsal officials in the state, the bank’s head of new business sales, Adewale Adebowale said each beneficiary will get a N250,000 loan.
He said the loan would cover the cost of preparation and supplies of farm inputs needed for rice cultivation within their localities.
Adebowale further said arrangement has been concluded to engage the farmers in perfecting their account details with the bank, adding that, this would enable them to access the loan with ease.
“Our bank is currently working with other stakeholders to make the programme a success. We are taking banking to the people, as our team are on ground to engage the farmers in perfecting their account details for the disbursement.
“About 15,000 of them have already been captured. Their accounts are ready to accommodate the disbursement.
What we need is the update of the remainders using our mobile Bank Verification Number (BVN) machine deployed to the field. As we engage the farmers we issue debit cards to them,” he explained.
He also said an Extensive Agent Network (EAN) has also been put in place to ensure that farmers in the rural areas have urgent and easy access to their loans without using the Automated Teller Machine (ATM).