Sterling Bank Managing Director and Chief Executive of Sterling Bank Plc, Mr. Abubakar Suleiman, disclosed in a recent interview the bank’s plans to disburse loans worth N10bn to farmers.
The bank recently launched a platform called SABEX in partnership with AFEX Commodities Exchange and Binkabi – a digital platform.
He said the initiative will allow farmers, particularly small and medium-scale enterprises to gain access to adequate financing for their business and be able to sell their products and commodities after harvest.
“Furthermore”, he said, “this will also help farmers to harvest their crops and move their farm produce to a more conducive storage facility without incurring much loss. With this, they will be able to sell and earn value”.
Mr. Abubakar Suleiman spoke on how farmers can qualify to get on the platform and access loans. He said, to get on the platform, farmers will need to link their bank accounts with Sterling Bank and other partner banks. They will be required to provide additional information about themselves and their businesses before they can start trading. “We are only laying emphasis on commodity trading, either as a company or an individual. There are no special requirements, registration is free”.
He said the biggest motivation behind this initiative was the huge post-harvest that farmers suffer in the country. Which is as a result of poor storage facilities for their commodities and farm produce.