As part of its objective to promote national growth and development, the central bank of Nigeria on November 17, 2015, launched its anchor borrowers program to support the country’s agricultural industry.
By giving loans, agricultural equipment, and blueprints on how to deal with farming challenges, the President Muhammadu Buhari-led administration hopes to connect anchor firms and smallholder farmers (SHFs) of major agricultural commodities.
Aside from the SEIFAC/CBN anchor borrowers program, the CBN has implemented a number of other schemes and incentives since the program’s inception.
Smallholders Economic Interest Farmers Agricultural Co-operative, or SEIFAC, is a Nigerian anchor company that works with the country’s central bank to give loans to its members, who are primarily Nigerian smallholder farmers.
By encouraging and supporting small-scale farmers, the SEIFAC/CBN anchor borrowers initiative aims to assist the nation’s populous by providing jobs in exchange for cultivating essential farm products.
In order to boost national revenue and development, the policy aims to reduce the importation of farm produce that can be farmed at home.
It is common for anchor companies to have an agricultural product cluster (agro-PC) model that identifies the farm products that members must choose from in order to get loans.
Cereals, root and tuber crops, such as yams, cassava, potatoes, ginger, e.t.c.; cotton, tree crops such as rubber and cocoa; sugarcane and tomato; legumes such as cowpeas and sesame seeds; and a wide range of other crops are also necessary for food production.
Grown locally, these goods will help raise local consumption, reduce heavy imports, and foster a closed spending cycle in Nigeria, according to the country’s central bank.
To qualify for the SEIFAC/CBN anchor borrowers program, new farmers must be willing to plant any of the products in the agro-PC model.
the seifac/cbn anchor borrowers programme is open to whom?
If you’re interested in farming, you can get a loan from SEIFAC even if you’re not a member, as it’s absolutely free to join and sign up for any of the required products in its agricultural product cluster (agro-PC).
However, individuals under the age of 18 are not eligible to apply for a loan, as there is an age limit.
How do I register with Seifac?
This year’s SEIFAC/CBN anchor borrowers program is now collecting data for the upcoming 2021/2022 wet cropping season loan program, which has been in place since the program’s inception in 2012.
If you’re a member, you can apply for this program and have a chance of receiving loans. If you’re a new SEIFAC member and want to apply for the current 2021/2022 batch and any future batches, we’ve laid out a four-step process for you here.
the first step is to open an account with the sefiac/cbn anchor borrowers programme.
SEIFAC, as previously indicated, solely lends money to its members. A SEIFAC profile account is required as soon as you become a new member of the program, so make one now! The SEIFAC/CBN anchor borrowers program and every other service or program offered by SEIFAC can be applied for with an SEIFAC account. ”
In order to access your account and your data in the future, you will be given a unique username and password after you register.
Registration As A Seifac Member
The SEIFAC agricultural product cluster model requires you to select one of the enterprise crops before you can register as a member (agro-PC).
The registration process for SEIFAC smallholder farms necessitates the submission of personal information. Personal details, residence information, parent data, next of kin data, documentation, disability data, and physical traits are among the kinds of information that must be provided.
Applying for a loan is the third step.
In contrast to the previous two phases, which were intended for those who are not yet registered SEIFAC members, this one and the next ones are for all members who have already registered and are interested in applying for the loan.
The SEIFAC/CBN ABP for the wet cropping season of 2021/2022 can be applied for by logging into your profile.
Select a crop-growing business of interest.
Keep in mind that location, competitive advantage, soil adaptability, and planting season should all be taken into account while deciding on which agricultural venture to use.
Set Up The Project Account
Creating an SEIFAC project account will be the next step after obtaining a loan from SEIFAC. If the loan request is granted, it will be sent to this account. Open a project account with a bank that is approved by SEIFAC Registered users will receive an email with a list of approved financial institutions, which will also be made available on the SEIFAC website.
In order to apply for SEIFAC/CBN anchor borrowers, you must complete all of these stages.
All information provided during application must be accurate and crosschecked before submission to avoid mistakes that could jeopardize the getting of the loan. Keeping an eye on the SEIFAC website for any changes or deadline submissions is also critical.
Finally, you can submit an application for the SEIFAC/CBN anchor borrower program for 2021/2022 by going to https://seifac.org/register.
The anchor borrowers scheme, according to the Nigerian central bank, will require smallholder farmers to pay back their loans with harvested produce that is delivered to the anchor’s designated sites in accordance with any provisional arrangement that is struck.
Unless otherwise specified, SEIFAC requires this method of loan repayment. Loan approval typically includes information on interest costs that must be paid in addition to the loan’s principal.
How To Apply For The Seifac/Cbn Anchor Borrowers Programme
Step 1: create a sefiac/cbn anchor borrowers programme account.
Step 2: register as a seifac member.
Step 3: applying for the loan.
Step 4: project account.
How does the Anchor borrowers Programme work?
It is required that farmers return their loans by selling the harvest to ‘anchors,’ who then pay the farmer in cash to cover their account balance.
How much can I get from Seifac?
How much money can I get from an SEIFAC loan? Along with other possibilities, you can acquire money for your agricultural products up to N5,000,000.