GOOD NEWS: SEIFAC To Launch Co-branded Atm Cards, Target 60,000 Farmers

GOOD NEWS: SEIFAC To Launch Co-branded Atm Cards, Target 60,000 Farmers

In a bid to enhance commercial farming activities in the country as one of the core objectives of the Federal Government, the Management of Smallholder Economic Interest Farmers Agricultural Cooperative (SEIFAC) in partnership with its Participating Financial Institute (PFI) Heritage Bank Limited is putting concluding plan to launch a co-branded Automated Teller Machine (ATM) cards for smooth financial transactions.

Speaking with the National Programme Coordinator on Thursday, Mr. Patrick Abur stated that the ATM card idea was introduced to ease the financial activities of their cooperative members and to serve as a tool for identification.

According to him SEIFAC has opened Project Wallet Accounts for her members for the Anchor Borrowers Programme on Rice Production introduced by the Central Bank of Nigeria (CBN) few years ago.

He said ” The ATM Card will serve dual purposes for the operation of their SEIFAC Project Wallet Account and as an Identity Module.

The Programme Coordinator while describing the features on the Co-branded ATM Card said it will bear SEIFAC Logo and Name, Farmer’s full name, State, LGA Membership ID among and others.

Abur revealed that the card will serve as prerequisite for SEIFAC members for disbursement of funds into their wallets.

He stressed that the issuance of the ATM Cards will commences in few weeks only for members who have activated their accounts with the minimum balance of NGN2,000

He said ” When you see a debit on your account don’t be panic as it is for the service purpose of the ATM Card which is a vital instrument for accessing the disbursement of funds.

The coordinator emphasized that the timeframe for the exercise is six weeks for ATM Cards Production noting that distribution shall be done through SEIFAC various states offices.

The SEIFAC boss tasked members who are yet to activate their accounts to key in immediately to enable them to benefit from the ATM card among other endowments of the cooperative as the organization is open for partnership with governments, multinationals and individuals to actualize its vision of Agricultural Production Cluster (Agro-PC) on commercial scale.

He noted that the management is working relentlessly towards achieving complete due process in pursuance of their agricultural credits and disbursement.

“Hence, account regularity, loan documentations, Batch 2 Project Wallet Account opening Agricultural Production Clusters (Agro-PCs) lands acquisition are ongoing. noting, SEIFAC management is yet to publish the disbursement time and date to the general public.

The Coordinator also cautioned members to disregard any disbursement date and time information published by non SEIFAC executive. He said be rest assured that we are working tirelessly towards achieving the goals of disbursement shortly and same will be officially published via our website; www.seifac.org.