12m farmers to partner 3 banks on financing

The All Farmers Association of Nigeria (AFAN) has said it will partner at least three Deposit Money Banks in the country to boost credit financing to its over 12 million members. Dr Farouk Rabiu Mudi, the National President of AFAN, who disclosed this at a press conference in Abuja yesterday, said the selected banks must […]

The All Farmers Association of Nigeria (AFAN) has said it will partner at least three Deposit Money Banks in the country to boost credit financing to its over 12 million members.

Dr Farouk Rabiu Mudi, the National President of AFAN, who disclosed this at a press conference in Abuja yesterday, said the selected banks must meet the association’s standards, policies and conditions to qualify for selection.

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He said the selection process would be based on the proposals and presentations to the farmers, on how best they can partner with farmers in terms of financing and ease of transaction to boost economic growth.

He said, “Although AFAN currently has over 12 million registered members in its database, farmers across the country are well over 80 million across the country, and over 100 commodities associations.

As such, the decision is part of three major reforms embarked upon by the association to ensure that farmers take their rightful place in the socio-economic stratum in the country.

“The idea of partnering banks is for us to take the lead in the economy of Nigeria in the agriculture sector to contribute our quota to national development.”

The AFAN president added after successful selection of the banks, all its members will transfer their accounts to these banks to further solidify the partnership.