Latest News

BREAKING: CBN Targets 5 Million Farmers With Agro E-Naira Wallet

The Central Bank Of Nigeria (CBN) in collaboration with the Association of Northern Agricultural and Allied Commodities Practitioners (ANAACOP) has launched the “Agro E-Naira Wallet Engagement ” with the sole purpose of empowering five million farmers.

The event which took place in Yola, Adamawa State, over the weekend, had in attendance the National President of ANAACOP, Sadiq Daware who revealed that the initiative will commence in two phases within the space of two years.

Daware said the development will enable farmers to create e-Naira wallet accounts with a sub-wallet account specifically for the program, adding that the information provided will enable them to access soft loans.

Daware also revealed that the program has identified agro-dealers, and processors, adding that this would help the CBN to find easy method of disbursement of funds to farmers

He said “We have identified agro-dealers, processors, and CBN to leverage innovation and make this program an easy way of disbursement of funds to farmers.

“This is why we are collaborating with the CBN to unveil the Agro E-Naira Wallet Engagement to target Five million farmers across northern states from 2023 to 2024 dry and wet farming season.

“The initiative will target one million farmers across the northern states for the first year of the 2023 dry and wet season and four million farmers for the 2024 seasons.”

Also speaking at the event, Rakiya Mohammed, Director of Information and Communication Technology (ICT) of the CBN representing the Apex bank governor Godwin Emefiele observed that the noble idea of the digital currency of the CBN is the first in Africa and second in the world.

Emefiele said in Yola, that the program was designed to ensure food security in the region and country at large.

He said that currently 50 farmers were targeted to test run the program in Adamawa “But by the end of the year, we will scale up to one million farmers and another four million by 2024”.

“So what we are doing is providing a platform where we can have accountability, transparency and make the program efficient to encourage people who will be able to provide finance to those who need it,” said the CBN governor.

Recall that President Muhammadu Buhari launched the Anchor Borrowers Programme (ABP) through the CBN with the sole purpose of creatingbeconomic linkages between smallholder farmers and processors to increase agricultural output and ensure food price stability.