Fadama Farmers in Plateau Raises N57million to set up Microfinance Bank

Posted by African Examiner Latest Headlines Sunday, November 10th, 2013

Agabus Pwanagba. Jos

In their efforts to bo0st farming and improve yield, farmers in Plateau State under the Fadama III have raised N57 million to established Fadama Micro Finance Bank.

The State Coordinator of Fadama III, Gideon Dandam disclosed this in a chat with journalists in Jos at the weekend.

According to the state coordinator, the measure was aimed at sustaining the Fadama III project after it is rounded up it the state.

According to him, “Fadama III has planned what we called a sustainability arrangement. The programme will come to an end eventually, but we want to see how farmers can keep faith with the project”.

He maintained that, “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 had ended”.

Dandam explained that, “The farmers themselves have been able to contribute five percent of what they have generated as interest over time. From the day this progarmme started they have been saving and presently we have about N57 million with contributions still being expected.

He further explained that the primary purpose of the bank is to help the Fadama farmers to get soft loans with one digit interest.

He said both the Central Bank and Plateau Government were expected to give them the go ahead to operate the Fadama Microfinance Bank.

The Coordinator said he is optimistic that the bank will commence operation within the next two months as the necessary arrangements were almost concluded.