A NIRSAL-MFB source, who made this known to The Nation at the weekend, explained that the collaboration was to ensure that all those still indebted paid up.
He explained that “N1.12 trillion was disbursed to 563 anchors,” of which about N670.4 billion” has been repaid.,
His words: “NIRSAL Microfinance Bank and NFIU collaboration is targeted at recovering loans taken by anchor borrower beneficiaries who are defaulting in repayment. This collaboration indicates a more aggressive approach to recovering outstanding loans.
‘’Many beneficiaries have started repaying what they borrowed not because they wanted to but because of the fear of the GSI, a service of last resort employed by a bank to recover outstanding debts from customers who borrow money and default.
“ So, the GSI trigger is one of our best instruments. Anywhere you have money in the world we will collect it. Even Nigerians who have left the country cannot escape repayment obligations.”
The official, who acknowledged that some borrowers face challenges in paying back, said that a “self-loan liquidation app” launched by the bank now allows them to “liquidate their loans themselves” online.
The ABP was established in November 2015 to create economic linkages between Small Holder Farmers (SHF) and Anchors.
Overall, the programme benefitted about 4.67 million farmers involved in either maize, rice, or wheat farming before it was jettisoned.
Some of the major beneficiaries are the Rice Farmers Association of Nigeria (RIFAN) which received N283.01 billion on behalf of 1,518,603 members to cultivate about 1,403,990 hectares of land; AFEX commodities, N169.27 billion for 483,476 farmers for the cultivation 865,258 hectares of land and THRIVE Agric, N92.07 billion for 305,000 farmers who cultivated 501,000 hectares of land.
The Nation however could not determine as of yesterday if they had completed payments or not.(the Nation)
