The leadership of Akwa Ibom Youth for Agriculture and Food Security Initiatives (AKYFAFS) has promised to mobilize his members across the 31 local government areas of the state for accounts opening with the Ibom FADAMA Micro Finance Bank limited.
The director general of the organisation, Architect Daniel Udoenang, in an exclusive interview with Midweek Pioneer Agric, in Uyo, said his members have no option than to open accounts with a bank that understands the problems of farmers.
Udoenang said it was a must for all his members to open accounts with Ibom FADAMA Micro Finance Bank limited,inaugurated on January 28 this year by the Akwa Ibom government, for them to be able to draw credit facilities and grow their agribusiness successfully in the state.
Flanked by the director of Operations, Mr Ben Offiong, at the general meeting of the organization, which took place at Government Technical College, Ewet Offot in Uyo,
Udoenang said his organization has already registered as a cooperative with the bank.
He explained that the meeting was arranged to enable the bank’s officials to attend and brief his members on the benefits they would stand to gain after accounts opening, assuring that before long the exact number of his members doing business with the bank would be known.
Commenting on the benefits that members stand to gain from the bank, Udoenang declared: “The loan to be obtained by farmers will no longer last for six months but will last for a year when crops are ready for harvest before repayment. Loans repayment by farmers can never be carried out by the Ibom FADAMA Bank within six months as was the case with other banks.
“Loans to be obtained from the Ibom FADAMA Micro Finance Bank limited by farmers will be allowed to run for a year duration to enable farm crops to mature for harvest before repayment,” Udoenang said.
He thanked Gov Udom Emmanuel for deeming it necessary for the establishment of the bank to meet the yearnings and aspirations of farmers and lauded the commissioner for agriculture, Dr Glory Edet, for working frantically for the inauguration of the bank in the interest of farmers.
The bank, he said, would help in no small measures to stimulate the economy of the state, calling on the people of the state to identify with the bank through account openings to expand their agro and allied businesses in the state.