NADF partners Mastercard, others to empower 12,000 female cassava farmers

The National Agricultural Development Fund (NADF) officially launched its blended on-lending financing partnership with Psaltry International Company Limited. The flag-off took place at the company’s plant in Alayide village, Awaye, Iseyin Local Government Area, Oyo State.  The Mastercard Foundation and IDH are supporting the initiative, which intends to empower 12,000 young women in cassava cultivation […]

The National Agricultural Development Fund (NADF) officially launched its blended on-lending financing partnership with Psaltry International Company Limited.

The flag-off took place at the company’s plant in Alayide village, Awaye, Iseyin Local Government Area, Oyo State. 

The Mastercard Foundation and IDH are supporting the initiative, which intends to empower 12,000 young women in cassava cultivation during its initial phase and eventually reach 45,000 women.

Under the NADF Blended Finance On-Lending Programme (NADFBFP), NADF is contributing N798 million, representing 51 per cent of the total funding, while the Mastercard Foundation provides 49 per cent. 

 Through Psaltry’s organised network of outgrowers and ingrowers, 12,000 female farmers will be directly involved in the cultivation of 2,400 hectares of cassava. To ensure a seamless distribution of funds, the First City Monument Bank (FCMB) is the participating financial institution.

The executive secretary of the NADF, Mohammed Ibrahim, represented by Mr Abiodun Sosanya, general manager, Corporate Services, highlighted the Fund’s commitment to agricultural growth and socioeconomic development. 

“This collaboration seeks to support the working capital needs of Psaltry International through the cultivation of cassava by a dedicated network of farmers, while complementing Mastercard Foundation’s financing of the farmers’ input requirements,” Ibrahim said.

He underlined that the policy secures markets through backward integration, provides timely access to high-quality inputs, lowers production costs through subsidised lending and encourages value addition of locally farmed cassava.

The programme also demonstrates how structured agricultural finance can assist national priorities, and is in line with the President Bola Tinubu administration’s Renewed Hope Agenda, which promotes food security and sovereignty.

The collaboration enhances the domestic food supply, lessens dependency on imports and gives rural women more economic power by encouraging local cassava production, processing and value addition.

The managing director/chief executive officer of the FCMB, Yemisi Edun, who was represented by the executive director of Wholesale Banking, Obaro Odeghe, described the partnership as transformative.