Unity Bank Plc has supported the Central Bank of Nigeria’s (CBN’s) initiated Commercial Credit Scheme (CACS) with N24 billion disbursed to farmers.
The bank said it sees agribusiness as its major strategic business focus and has effectively keyed into various intervention fund by Federal Government and CBN to boost agriculture.
The lender said its commitment towards participating in the agriculture on-lending schemes is borne out of its belief in pursuing benefits of greater financial inclusion and reaching out to greater number of farmers all around Nigeria initially excluded with financial services.
Commenting on the development, the Head of Agribusiness at Unity Bank, Olugbenga Emmanuel Adelana, said: “it is understandable why the Unity Bank is making inroads and being reckoned with when it comes to disbursing the intervention funds. The key beneficiaries which the intervention programmes are designed for ply their agribusiness mostly in the rural areas and this is a space that Unity Bank has not shied away from”.
Continuing, he said the lender is unleashing the strength of its business model and placing its structures at the disposal of the intervention schemes in its bid to support government’s key initiatives to drive the growth and transformation of Nigeria’s Agricultural economy.
He said Unity Bank is currently the fourth largest provider of single digit interest loans at nine per cent maximum to agribusinesses under the CBN’s CACS.
The CACS is a sub–component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP) and it is aimed at promoting commercial agricultural enterprises in Nigeria. The scheme targets the promotion/production of cash crops, food crops, poultry, livestock, aquaculture, processing, storage, farm in-put supplies and marketing for agricultural commercial enterprises with asset base of N50million to N100 million.