The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) management said they are committed to disburse funds to farmers under the CBN Anchor Borrowers’ Program within 5days of receipt of loan term sheets from the CBN.
The agency said yesterday in a statement signed by Anne IHUGBA, Head, Corporate Communications, NIRSAL that, as always, farmers under the NIRSAL PFI window of the CBN Anchor Borrowers’ Program, who comply with the conditions precedent to drawdown can have access to their credited accounts after meeting such conditions.
“This is in line with NIRSAL’s policy stance to always expedite the funds access process of all applicants who have met conditions precedent to draw down.” The statement said.
According to NIRSAL, through them, the Central Bank of Nigeria under the Anchor Borrowers’ Programme is creating over 250,000 direct jobs for farmers and up to 1.25m indirect jobs.
NIRSAL observes the highest ethical and professional standards and restated that all funds from the CBN are disbursed directly into farmers’ accounts and farmers can access such funds once drawdown conditions have been met.
As an Agricultural Finance risk management organization, NIRSAL emphasized that mindful of the various risks associated with yield and repayment capacity of the farmers, it launched the Area Yield Index Insurance – an insurance product tailor-made for farmers and established the Project Monitoring and Remediation Offices (PMROs) nationwide to work closely with farmers throughout the farming cycle to ensure success of its projects, as well as protecting the interest of all verified and bonafide farmers.
These additional services are provided to farmers at NIRSAL’s own cost.