Tuesday, April 23, 2024

The Alternative Bank Partners GECL to Improve Food Security

The Alternative Bank Limited, a non-interest financial institution in collaboration with Global Entrepreneurship City Limited (GECL), has launched the Agricultural Community Support Program (ACSP) in Ogoniland in Bori, Khana Local Government Area of Rivers State.

The Alternative Bank Limited, a non-interest financial institution in collaboration with Global Entrepreneurship City Limited (GECL), has launched the Agricultural Community Support Program (ACSP) in Ogoniland in Bori, Khana Local Government Area of Rivers State.

The Group Head of Agricultural Finance and Solid Minerals, Gbenga Awe, explained at the inauguration ceremony that the collaboration is geared towards sustainability, creating jobs, and contributing to foreign exchange earnings through the export of processed agricultural products.

The Alternative Bank started in 2014 to offer a non-interest banking window under Sterling Bank, while the bank began to operate as a fully-fledged, standalone bank in July 2023 when the Central Bank of Nigeria (CBN) issued it a Banking License.

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Awe, who was represented at the occasion by the Head of Structured Trade Finance of the bank, Adelana Ogunjirin, pointed out that the mission of the ACSP is to address food security through proper fortification of local farmers to improve their standard of living.

He disclosed that the bank had already provided over 800 farmers with bank accounts and ATM debit cards, adding that the bank is extending agency banking services and bridging the financial gap between rural and urban areas.

In her remarks, the CEO of GECL, Dr. Douglas Fabeke, outlined plans to establish an agricultural research center to empower Ogoni farmers and revive farming and fishing, which are crucial occupations hindered by years of neglect.

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Dr. Douglas Fabeke, CEO of Global Entrepreneurship City Limited, addressed the project’s significance, outlining plans for a cassava processing factory and an agricultural research center to empower Ogoni farmers. Despite challenges like a lack of start-up capital, the project aims to revive farming and fishing, crucial occupations hindered by years of neglect.

The Ogoni farmers, represented by Mrs. Mary Eko Joe, expressed heartfelt gratitude to The Alternative Bank for alleviating their struggles and supporting widows and orphans, with a shared commitment to uplift their livelihood.

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