Home Business Agribank deliberate in its targeting of youth and women in Agriculture

Agribank deliberate in its targeting of youth and women in Agriculture

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During the 2020/21 financial year, Agribank provided loans worth N$43 million to women and another N$38,7 million to youth (customers under 40 years of age) in its efforts to help women and youth in agriculture. During the reporting year, more than N$36 million in loans were disbursed to firms and groups, with female beneficiaries.

Agribank is committed to promoting the engagement of women and youth in the agricultural sector and has been doing so since October of last year when it launched a special loan program for them.

The women and youth loan scheme are different from the conventional funding of the Bank, as it offers distinct terms and conditions. These terms and conditions include the provision of farming equipment or land being financed, as collateral. Additionally, where the farmer has an off-take agreement with buyers of his/her agricultural produce, such an agreement can also serve as collateral.

Moreover, under the scheme, the Bank is also offering special treatment for agricultural professionals, flexible grace periods and tolerance for collateral shortfalls.

Under this scheme, qualifying women and youth may access various loan products for agricultural purposes, within the categories of short-, medium- and long-term loans, repayable between 1-5 years, 5-10 years and 10 -25 years respectively.

Women from the age of 18 years and above as well as youth between 18 and 35 years, do qualify under the women and youth loan scheme. However, for agricultural professionals, there is no limit on age and gender.

Women and youth are therefore hereby informed that the Bank will resume the nationwide roadshow to engage women and youth in agriculture and provide insight into various loan products under the Women and Youth loan scheme while explaining the loan application process in detail.

Agribank is a financial services provider that plays a key role in the economic activity of the agricultural sector, in creating and growing wealth for sustained economic