CACS Loan, Unity Bank Supports Farmers with N24bn
Unity Bank Plc says it has disbursed N24bn to farmers through the Commercial Agriculture Credit Scheme (CACS) introduced by the Federal Government
The CACS is a sub–component of the Federal Government’s Commercial Agriculture Development Programme through the CBN, aimed at promoting commercial agricultural enterprises in Nigeria.
In a statement on Tuesday, the bank said ‘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
The scheme targets the promotion/production of cash crops, food crops, poultry, livestock, aquaculture, processing, storage, farm in-put supplies and marketing for agricultural commercial enterprises with asset base of N50m to N100m