Sterling Bank Bags CBN Agric Scheme Award

Sterling Bank Plc has been conferred the Best Performing Bank under the Commercial Agriculture Credit Scheme (CACS) of the Central Bank of Nigeria (CBN).

The award was presented to the bank at the CBN’s yearly Micro, Small and Medium Enterprises Finance conference in Abuja.

The conferment of the award was in recognition of the lender’s commitment to the growth of the agricultural sector, as it has disbursed sizeable funds to its customers under the scheme.

Speaking at the event,  Godwin Emefele, CBN governor, , commended the bank for its support to the sector, adding that with the support of financial institutions, activities in the agricultural sector will increase and in the process take its right of place in the nation’s economy.

Corroborating the remarks made by the CBN Governor, the Regional Business Executive of Sterling Bank, Japhet John, on behalf of the bank’s Managing Director, assured that the lender will continue to provide funding across the value chain to ensure sustainable growth for the sector.

“Agriculture is an important sector of the economy with high potential for employment generation, food security and poverty reduction. The sector played a key role in the economic growth of the country before the discovery of oil. At Sterling Bank, we intend to bring back these glorious days for the sector through adequate funding.

“The role of the financial institutions is to support the economy. Today, Agriculture still remains a main stay of the Nigeria Economy as it provides the majority of the populace with employment, income and food.

“Self-sufficiency in food production must be the top priority of any government, but this cannot happen unless there exists proper financing structures. At Sterling Bank, we provide finance and advisory services to individuals and companies that need funds to finance agriculture and agro allied businesses. We finance all actors along the value chain from production to processing as well as input, transportation and marketing among others,” he said.

He added that the bank had achieved about 3.5 per cent of the five per cent allocated to the sector, just as he assured that allocation to the sector will be increased before the end of the year.

“We are very much involved in the Growth Enhancement Scheme (GES) of the Federal Government as Sterling Bank is one of the few banks that supported the scheme when it commenced and have remained so till date”, he added