Farmers contribute five percent of their interests for the bank.
Fadama III farmers in Plateau State have raised N57 million to establish Fadama Microfinance Bank, Gideon Dandam, the state coordinator of Fadama III, has said.
Mr. Damdam said on Sunday in Jos that the farmers raised the money by contributing five per cent of their interests for the bank.
According to the state coordinator, the measure was aimed at sustaining the Fadama III project after it was rounded off in the state.
“Fadama III has planned what we call a sustainability arrangement. The programme will come to an end eventually, but we want to see how farmers can keep faith with the project.
“As we have always said in the time past that Fadama III has come to stay, we want to create an avenue where the farmers can run to even when the programme has ended,” he said.
The coordinator stated that the main purpose of the bank was to help the Fadama farmers to get soft loans with one digit interest.
Mr. Damdam said the Central Bank of Nigeria, CBN, and the Plateau Government were expected to give them the go-ahead to operate the Fadama Microfinance Bank.
“The state government will provide the space where the bank will be housed and professionals will be employed to manage the bank on behalf of the farmers,” he said.
He expressed optimism that the bank would commence operation within the next two months as necessary arrangements had almost been concluded.
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