RUFIN signs MoU with Union Bank to facilitate access to finance for farmers

The Rural Finance Institution Building Programme on Monday in Abuja signed a Memorandum of Understanding with Union Bank Nigeria to enhance access to finance for rural farmers.
The News Agency of Nigeria reports that RUFIN is a seven-year programme jointly funded by the Federal Government and the International Fund for Agricultural Development.
It is aimed at facilitating financial inclusion for those at the bottom of the pyramid by grouping rural dwellers mainly women, youth and the physically challenged, training them to be bankable.
The pilot programme is currently operating in 12 states, two from each geopolitical zone across the country.
Speaking at the ceremony, the National Programme Coordinator, Olumuyiwa Azeez, said the MoU was part of efforts to ensure that credit was made available to rural farmers.
Azeez said: “The essence of this is to ensure that the small scale farmers will now have access to credit.
“We intend to involve Nigeria Incentive-based risk Sharing for Agricultural Lending to ensure that they provide security for the farmers.
“We hope that Union Bank will ensure that our farmers who already have ‘off-takers’ for the produce are supported to enhance production.
“We are counting on you.
“We have numerous farmers in all the RUFIN states and this is very successful.
“We will then upscale it to all the RUFIN participating states and beyond.”
Azeez assured the bank that the farmers had been properly trained and have been given financial education.
According to him, they are organised in group, which will guarantee they pay back loans given to them.
The coordinator said RUFIN has capacity building programmes, which would be extended to the bank for their benefit.
He said government was determined to diversify the economy, reduce import bill on agriculture and increase foreign exchange generation through agriculture.
Azeez said the MoU was also an effort of the present administration to achieve the above goals and ensure food security.
He urged the bank to live up to its motto: “Big strong and reliable.”
In his remark, Union Bank Division Executive, North, Kabir Sarkin-Pawa, said the bank had a good reputation in partnerships, especially in agriculture.
Sarkin-Pawa said the bank was committed to the partnership with RUFIN and would continue the work of providing access to finance for all Nigerians as it has been doing for the close to 100 years.
Sarkin-Pawa said the partnership would be successful if all the stakeholders play their roles effectively as the bank was willing and capable to deliver on their mandate.
NAN.