Fidelity Bank disburses N34bn

Over N34 billion in direct credit has been disbursed to participants in the Nigerian rice value chain thanks to Fidelity Bank’s assistance. A major portion of paddy rice farmers were able to access spontaneous financing thanks to the bank’s actions in recent years, which significantly increased the country’s output of paddy rice.Information Guide Nigeria

The Gerawa Group of Companies‘ 400 metric tons per day giant rice mill in Kano state was recently built in part with help from the bank.JAMB Result

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Commenting on the development, Mrs. Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc, said, “Through our interventions in the rice space, we have created positive impact in rural communities by way of farmer empowerment and employment generation. This is also in alignment with the business sustainability imperative of our banking business.”

Recognizing the importance of the last mile traders in the value chain, she noted, “We have also provided low-cost funds to rice traders to purchase rice from indigenous rice millers for sale to the final consumers. This has helped in stabilizing the prices of locally produced rice.”

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