First City Monument Bank FCMB, Nigeria’s top agro-business promoter has entered into partnership with World Savings and Retail Banking Institute (WSBI) to lift at least two million Nigerian farmers out of poverty.
The Adam Nuru-led bank said the partnership will outline framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors.
WSBI, according to the bank will provide technical oversight supervision on regular basis to ensure the success of the agreement.
FCMB on its part will roll out an integrated savings account known as ‘Kampe Account’ to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking propositions in the first phase of the project.
.Two million farmers across the country will benefit from the project by year 2023. The states to benefit in the first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo.
As part of the plan, FCMB will also deploy state-of-the art technology and mobile banking solutions to drive the project mainly in the rural and sub-urban farm settlements where most farmers are based.
The bank will also train farmers in innovative ideas to make the agro business sector attractive and hub for job creation.
Speaking on the partnership,FCMB’s Managing Director and Chief Executive, Adam Nuru said the development will revolutionize agribusiness in the country.
According to him” partnering with WSBI and harnessing the business model we have developed to drive it, under our Kampe Account, is built on a sustainable approach which ensures farmers can gain better access to finance and other resources needed to help them build successful businesses.”
Farmers who benefit from this effort can and should make the best use of the opportunity. FCMB will continue to partner with WSBI to create opportunities that would ensure the realization of the personal and business needs of customers.”
On his part WSBI Managing Director, Chris De Noose noted that “the Kampe Savings Project is yet another example of the innovative ways rural communities can flourish through mobile savings and beyond. Expanding banking access and agricultural services through the provision of mobile services to the farming community, which increasingly includes more women, can help knock out any doubt about the payoff that farming can bring.”
Stakeholders insist that the partnership between the two renowned financial institutions will address the financial challenges and frustrations faced by Nigerian farmers.