Auchi MFB plans N100m investment in Edo agric sector

As part of strategies to boost economic activities in Etsako West local government area, the authorities of Auchi Microfinance Bank plans to commit the sum of N100million to the agricultural sector.

BusinessDay reports that the money would be used to boost the farming activities of clients as soft loans. Isaac Akowe, the managing director of the bank gave the hint in an exclusive interview with BusinessDay during the 17th Annual General Meeting of the microfinance institution in Auchi, administrative headquarters of Etsako West local government area of Edo state.

Akowe disclosed that the decision was as a result of the bank’s concluded modalities with the Central Bank of Nigeria (CBN) to access the N220billion earlier launched by the apex bank.

He added that the bank had in the past committed about N50million to boost agricultural activities in the locality.

According to him, in time past agriculture was a very difficult area because one could not actually predict from the beginning the outcome of the production but CBN had given banks a boost by their guarantee of 70 percent of any loan disbursement to agriculture.

He stated, “Our commitment to agricultural sector had not been more than N50million but with this guarantee and fund coming in we are already working to mobilise the active poor especially women who are into cultivation and production of different types of agricultural products such as rice, cassava, poultry among others to benefit from it.

“Being the fact that agriculture is one of the areas that we are considering we are looking at not less than N100million to start with,” he said.

Earlier in his address, Hassan Momodu, chairman, Board of Directors of the bank assured  that the financial institution will continue  to seek innovative ways to serve its customers’ needs by providing cost effective, convenient and efficient ways for clients to access the bank’s service while ensuring safety of their funds.

Momodu who also called on shareholders and clients to take advantage of the CBN funds to develop the locality noted that they can only benefit from the scheme if they approach the bank to seek for necessary information.

The management also used the annual general meeting to launch the bank’s Automated Teller Machine (ATM) card for its clients’ banking transaction.

 IDRIS UMAR MOMOH