Access Bank has stated that with the opening of its Agric business desk, it hopes to ensure food security in Nigeria.
The Punch reported that the bank made this statement on Tuesday during the launch of two new business desks: the development banking desk and the agribusiness desk.
The Group Head of Commercial Banking, Nsisak Usoro, stated during his speech at the ceremony that supporting food security was their goal for this year and what they would be driving towards in the coming year. “Towards the end of the year, we will decide how much money to lay aside for 2024.”
The executive director of commercial banking, Hadiza Ambursa, stated that the bank tries to help its clients receive money from a variety of sources when it comes to the agricultural industry.
According to her, “We strive to tap the various funding sources that are available. For our customers, the Central Bank of Nigeria occasionally has intervention money available. In addition, we have access to international organizations that are willing to finance various industries, such as agriculture. Therefore, it combines both risk and long-term funding.”
Five subsidiaries of Standard Chartered will be purchased by Access Bank.
In his welcome address, Emmanuel Makinwa, Team Lead, Agric Business, Commercial Banking Division, stated that the desk catered to the full value chain in the sector.
Makinwa stated, “We provide consulting services to our customers as part of what we do. While this may not seem important, it is crucial in agribusiness.
“In order to guarantee that our clients have a market for whatever they are creating, we also make sure that our customers have market connectivity. There is already a plan in place for technology, which we will reveal.
“We are setting up webinars just for women. They don’t have a lot of access to finances, thus having financial literacy is a factor. In order to make sure they have access to financing, the bank is working on that.”
The group has made significant contributions to the agricultural industry in the country, Makinwa continued.
The group has invested more than N200 billion in agribusinesses as of today, which has benefited over 10,000 businesses, including smallholder farmers, SMEs, farmer associations or groups, and large corporations. This has significantly improved food security, assisted our customers in expanding their operations, and contributed to the creation of jobs.
