Tropical General Investments Group has announced a collaborative agreement with Union Bank of Nigeria Plc through its company, WACOT Rice Limited, to open bank accounts for approximately 7,000 farmers in rural Kebbi State.
According to a company statement, the move is intended to drive financial inclusion and include beneficiaries in Nigeria’s evolving digital economy.
Sadiq Kassim, TGI’s Group Director of Corporate Affairs, stated this recently in Abuja during a panel discussion at the recently concluded digital economy seminar organized by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture.
The seminar was themed “Promoting a vibrant economy as a catalyst for economic growth in Nigeria.”
According to him, one of the critical philosophies of the TGI Group is to operate within communities as a partner for growth and development.
“On the documentation leg, we worked with Union Bank and partnered with the Ministry of Digital Economy to set up the NIN registration in designated centers in their communities. We also partnered with various local governments to assist with government-issued ID cards.
With all these in place in the designated centers, within a few weeks, they were able to capture and open bank accounts for the farmers who are now a part of the digital economy.”
Recall that the Union Bank of Nigeria and the Africa Agriculture and Trade Investment Fund (“AATIF”) recently secured a $25 million funding line from AATIF to expand its agricultural business footprint. In response to the Nigerian government’s effort to reduce food imports and ultimately create a sustainable market for local farmers to sell their farm produce, Union Bank anchored its food and agri-finance strategy around promoting local food processing.
