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Ecobank Nigeria Promotes Entrepreneurship; Extends Agric Loan to 70,000 Farmers
Econbank Nigeria has restated its commitment to the Agricultural sector and is supporting over 70,000 farmers with special loans to increase their capacity and yields during this planting season. This is one of the bank’s initiatives to promote entrepreneurship in the sector and is in support of the Central Bank of Nigeria’s Anchor Borrowers programmes for the 2020 wet season with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN).
Head, Agribusiness, Ecobank Nigeria, Mojisola Oguntoyinbo, announced this in Lagos while responding to media enquiries on the participation of the bank in the CBN scheme. According to her, the initiative spreads across the thirty-six states of the Federation and is one of the several concerted efforts on the part of the bank to support the government to create an ecosystem that gives small holder farmers access to funding and the required support to increase food production in the country. She also noted that the scheme is designed to connect small holder farmers with processors and off takers within the agriculture value chain.
“We are creating opportunities in the Agric sector that will help many small holder farmers expand their business and become worthy employers of labour by adopting modern farming techniques for the betterment of our economy. We are in strategic partnership with NIRSAL and some other developmental institutions to achieve our purpose. We are also partnering the Central Bank of Nigeria (CBN) in all its intervention schemes and programmes aimed at developing the sector. Our relationships are generating positive activities across the entire Agric value chain”.
This comes on the heels of the bank’s widely acclaimed Agri-business summit with key stakeholders, held earlier in the year.
Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment, through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank’s Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed. Thousands of Nigerians have taken advantage of this opportunity to become Xpress Point agents and have in turn, employed several others, thereby improving financial inclusion and creating employment opportunities. Xpress Points are in various neighbourhoods across the country and are well positioned to facilitate financial transactions in the communities which they serve.
FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.
Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.
Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’
He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”
FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.
FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development. This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.
The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.
FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions. The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.
‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”
Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.
FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail
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