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Micro-finance bank disburses N75m loan to farmers

Godwin Emefiele Central Bank Governor: promises reforms

Godwin Emefiele Central Bank Governor: promises reforms

The Dutse Micro-Finance Bank (DMFB) has disbursed N75 million loan to farmers in Dutse Emirate Council.

Alhaji Safiyanu Sulaiman, Managing Director of the bank, disclosed this at the disbursement ceremony on Thursday in Dutse.

Sulaiman said that the loan was given to farmers working under the council and others in the area.

He explained that the gesture was part of the bank’s effort to assist farmers in the area.

The managing director added that it was also to encourage and enhance agricultural activities among people.

He explained that the beneficiaries included district, village and ward heads.

Safiyanu said salary earners among the beneficiaries would pay back the loan between 10 to 12 months, while others would pay between five to seven months after the sale of their farm produce.

“Those who earn salary among the beneficiaries would pay back the loan through deduction from source, while those who are mainly farmers will pay after they sell their farm produce at the end of the season,’’ Safiyanu said.

The managing director said the bank had supported farmers with loan in the area for the past 12 years, adding that “we started with N30 million in 2004’’.

Safiyanu, however, lamented that people did not have the habit of taking their money to banks.

“Monies are just circulating among individuals instead of banks because people decided to keep their money at home,’’ Safiyanu said.

The Emir of Dutse, Alhaji Muhammad Sunusi, urged beneficiaries to make good use of the money to improve their socio-economic well-being.

Sunusi, represented by the Galadiman Dutse, Alhaji Basiru Muhammad, said that both Jigawa and Federal Governments were committed to developing agriculture.

Sanusi therefore urged the people, particularly the youth, to take advantage of the state and Federal Government commitment to develop agriculture as a matter of priority.

The emir, however, commended the management of the bank for facilitating the loan.

He added that the gesture would complement state government`s effort to enhance food security.

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