Unity Bank promotes commercial agriculture schemes, disburses over N24bn to farmers

UNITY Bank has  effectively keyed into various intervention fund by Federal Government and Central Bank of Nigeria (CBN) to boost agriculture as it disbursed N24 billion to farmers.

The commitment of the bank towards participating in the on-lending schemes is borne out of its belief in pursuing benefits of greater financial inclusion and reaching out to greater number of farmers all around Nigeria initially excluded from financial services, all of which is made possible by the bank’s deep knowledge of rural economy.

According to the Head of Agribusiness at Unity Bank, Mr Olugbenga Emmanuel Adelana, “It is understandable why the Unity Bank is making inroads and being reckoned with when it comes to disbursing the intervention funds. The key beneficiaries which the intervention programmes are designed for ply their agribusiness mostly in the rural areas and this is a space that Unity Bank has not shied away from.

“Unity Bank is therefore unleashing the strength of its business model and placing its structures at the disposal of the intervention schemes in its bid to support government’s key initiatives to drive the growth and transformation of Nigeria’s Agricultural economy,” he stated.

Unity Bank is currently the fourth largest provider of single digit interest loans (9 per cent max) to agribusinesses under the CBN’s Commercial Agriculture Credit Scheme (CACS); with a CACS loan portfolio of over N24billion.