Heritage Bank, CBN Drive Improved Investment Outcomes, Job Creation
Heritage
bank Plc in collaboration with the Central Bank of Nigeria (CBN), under
the Nigerian Incentive-Based Risk Sharing in Agricultural Lending
(NIRSAL) has continued
to drive improved investment outcomes and job creation.
Through
this partnership, Heritage Bank is not relenting in its efforts at
boosting the agriculture base of the nation to make farming profitable
to stakeholders and
attractive to the youth.
Recently,
the apex bank approved the disbursement of about N75billion as loan to
farmers in the 36 states and the Federal Capital Territory (FCT) under
the Nigerian
Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL).
The
loan guarantee scheme is a public-private sector initiative set up to
transform the country’s agricultural sector. It was initiated by the
CBN, the Bankers’ Committee
and the Federal Ministry of Agriculture and Rural Development, to
guarantee 75 per cent loans provided by Deposit Money Banks (DPB) to
farmers as part of efforts to transform the country’s agricultural
sector.
Speaking
on the several CBN intervention scheme and private sectors’
partnerships, which have accumulated to thousands of job creations, the
MD/CEO, Heritage Bank, Ifie
Sekibo, noted, “under the Central Bank of Nigeria’s Anchor Borrowers
Programme (ABP) and the Nigeria Incentive-Based Risk Sharing System for
Agricultural Lending (NIRSAL), Heritage Bank is positioned to provide
on-lending funding to aggregated farmers in the
2020 farming season to grow various products that will serve as raw
materials to the processors, thereby ensuring market linkages and access
to the market as well as reduce importation and conserve Nigeria’s
external reserves.”
According
to him, Heritage Bank is also supporting the drive for cash crop
commodities that would boost Nigeria’s foreign exchange earnings, which
President Mohammad
Buhari’s administration has always been cautious given the dangers the
continuous reliance on imported food items pose to its efforts to create
jobs as well as develop and diversify the economy.
No doubt Heritage Bank’s unswerving lending to agriculture sector has earned it deluge of accolades.
To its portfolio Heritage Bank Plc earned the Nigeria’s Most Innovative Banking Service Provider in 2017 and 2018 that were bestowed with the inaugural Nigeria Sustainable Banking Award convened by the CBN “For Sustainable Transaction of The Year in Agriculture.”
The
Nigeria Agriculture Awards (NAA), at its annual event convened by
AgroNigeria (The Voice of Nigeria’s Agriculture), to appreciate immense
efforts of those who have
contributed to the success of the agriculture sector in the country,
announced Heritage Bank as the Agric. Bank of the Year.
According
to NAA, Heritage Bank was selected in recognition of its footprints in
the Agric. space, especially the Triton Aquaculture Project.
Also,
Heritage Bank Plc which has been adjudged the lead settlement bank for
Gezawa Commodity Market (GCMX), has collaborated with key stakeholders
to revolutionise
the agricultural value-chain.
The collaboration was aimed at providing fully integrated ecosystem for commodity Exchange.
Heritage
Bank was appointed the Lead Settlement Bank and Transaction Adviser to
GCMX and a memorandum of understanding (MoU) was signed between the two
firms, whilst
over 10, 000 farmers in 3000 cooperatives in the 44 local governments
of Kano States were hosted.
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