Fadama III farmers in Lagos State are working on establishing a microfinance bank, President, Lagos State Apex Fadama Community Association, Lanre Ogunbiade, has said.
He made this known at the sidelines of the inauguration of the new executive of the association in Lagos.
With the bank, he said Fadama farmers would get soft loans at cheap interest rates.
He said the effect of the development would be adequate financial empowerment of the farmers to improve and increase food production.
He said the bank will provide affordable financial services to farmers. Like commercial banks, he said the microfinance institutions will be independent and provide loans to small entrepreneurs.
According to him, the directors would be chosen from the association
With the Central Bank of Nigeria (CBN) and the Lagos Government expected to give them the nod to operate the microfinance bank, he is optimistic that the bank will commence operation soon.