FG/IFAD-VCDP partner banks for farmers’ credit facilities

The Federal Government and the Anambra State government, in collaboration with the International Fund for Agricultural Development FGN/ANSG/IFAD programme of Value Chain Development Programme (VCDP), have collaborated with financial institutions to address farmers’ need for credit facilities.

The initiative was disclosed by the state programme coordinator, Mr E. N. Agwuncha, during  a  two-day workshop held in Awka,  last  Friday.

Agwuncha explained that the meeting was geared towards strengthening partnership between the programme and financial institutions to develop financial products or adjust existing ones to address farmers’ needs .

He said a survey was conducted to understand the needs of farmers as well as the products available with the financial institutions for farmers to access, while ensuring  that there is no conflict of interest.

Earlier, the VCDP Rural Finance Officer (RFO), Mr Chukwujekwu Obianefo, had in an interview, said that this would be a pilot stage financial inclusion initiative of the programme for next year, adding that partnership with the financial institutions would consolidate the objective of the programme in the state.

Obianefo also said the partnership will, in turn, build a solid relationship between the institutions and the farmers towards developing a fresh product or adjusting existing ones as would be discussed in their board’s meeting to ensure a sustainable plan for the programme’s exit.

The resource person, Dr Johnpaul Onyekanaeso, in a paper presentation,  urged financial institutions to always equip themselves with knowledge on the agricultural field and their audience.

He explained that farmers are now smart and requires smarter ways and technicality in dealing with their needs, hence, credit facilities.

The financial institutions in attendance at the event include: Monarch MFB, Ihiala Micro-Finance, LAPO MFB Limited, Oraukwu MFB as well as  Easy Access MFB.