By Chukwuma Umeorah
Union Bank in partnership with WACOT Rice Limited, a rice processing company through the Kebbi Financial Inclusion Drive (KFID) is ready to engage 6,00 local farmers including youths and women in Kebbi State.
The KFID project is part of efforts of Union Bank to be come a foremost driver of financial inclusion in Nigeria. The project will cover four Local Government Areas – Argungu, Augie, Suru, and Dandi and serve a critical part of WACOT’s Argungu Outgrower Expansion Project funded by United States Agency for International Development (USAID) West Africa Trade Hub. It aims to provide a panacea to the overwhelming financial inclusion deficit within rural communities in Kebbi state.
In carrying out this project, Union Bank will facilitate account opening while expanding its agency-banking network to cover the areas that have been mapped out. It will also support agents on ground with digital banking solutions to ensure seamless transacting and account management. With technical support from National Identity Management Commission (NIMC), the farmers will be able to acquire the relevant documentation and identification required to open bank accounts. Chairman WACOT and Board Chair of Union Bank, Farouk Gumel, kicked off the project during a visit to the Kebbi State Governor, Abubakar Atiku Bagudu, as discussions progressed on how to explore ways to expand the project to cover the entire state.
Speaking at a recently concluded conference of Chartered Institute of Bankers of Nigeria (CIBN), Gumel said, “As we work towards achieving financial inclusion to reach the unbanked, we must commit the same resources and investments to rural-local customers as we have done to urban-global clients to help create the growth that will lift us all to collective prosperity.”
WACOT Rice is a subsidiary of TGI Group. TGI Group, through another subsidiary Titan Trust Bank, which recently acquired Union Bank in a landmark transaction which was announced in 2021.