SEIFAC CBN Loan Disbursement Update for October/November 2022
SEIFAC CBN Loan Disbursement Update for October/November 2022: The Smallholder Economic Interest Farmers Agricultural Cooperative (SEIFAC) is in the limelight of hope, as the CBN has given final approval for the disbursement of funds to beneficiaries
Applicants who have gotten their ATM card have been asking a series of questions as to when the SEIFAC loan will be disbursed, some applicants have given up on the said loan program and others are calling it a scam
For clarity, the SEIFAC CBN Loan program is not a scam, CBN or FG has not placed any circular or told members of the public to desist from the SEIFAC program
The SEIFAC CBN Loan is genuine and real, the issue with beneficiaries is that they don’t understand the rudiment involved in the CBN Anchor Borrowers Program (ABP)
To better understand the SEIFAC program, see more details on the Anchor Borrowers Program (ABP) guidelines and expectation
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Who will Get the SEIFAC October/November Loan?
Only applicants that have collected their ATM credit cards, and have upgraded their bank accounts. Applicants whose bank accounts are unable to receive large sums of Money must as a matter of fact upgrade it
The disbursement of funds to members will kick off and last for three weeks, after proper investigations and monitoring of members’ accounts.
Applicants are expected to visit their respective banks for account upgrades, as some members may fail to receive their funds due to the inability of their account to receive huge amounts of money.
Applicants can also visit their State or Local government SEIFAC coordinators to collect their ATM cards, for easy activation
When will SEIFAC Disburse October/November Loan?
The defunct National coordinator of SEIFAC, Mr. Patrick Abur claimed that disbursement is 90% complete, and upon 100% completion, applicants with SEIFAC ATM credit cards will be credited swiftly
CBN has acknowledged SEIFAC, as one of the CBN Anchor Borrowers Program (ABP) which is aimed at providing loans (in kind and cash) to smallholder farmers to boost agricultural production, create jobs, and reduce food import bills towards the conservation of the foreign reserve.