TGI Partners Union Bank to Promote Farmers’ Financial Inclusion
As part of its CSR, Tropical General Investments Group (TGI) has announced its partnership with Union bank to boost farmers’ financial inclusion.
The group explained that the reason for the collaboration with the Union Bank of Nigeria Plc through its company WACOT Rice Limited is to open bank accounts for about 7,000 farmers operating in rural areas of Kebbi State.
The company said it was to assist the farmers in being financially included and relevant in the evolving digital economy.
TGI’s Group Director of Corporate Affairs, Sadiq Kassim, disclosed this in Abuja recently during a panel discussion at the just concluded seminar on the digital economy with the theme: “Promoting a vibrant economy as a catalyst for economic growth in Nigeria,” organised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).
He said one of the critical philosophies of the TGI Group is to operate within communities as a partner for growth and development.
Kassim said: “the company’s Outgrower Programme has about 7,000 farmers who produce an average of four tonnes of paddy per hectare. At the rate of N300,000 per tonne, the company would need billions of naira to pay farmers for the over 28,000 tonnes of paddy from just five local government areas in Kebbi State, where the company is operating.
“We started our journey to resolution by identifying the root causes and then set out to establish the strategic alignments required to achieve our aim. On the documentation leg, we worked with Union Bank and partnered with the Ministry of Digital Economy to set up the NIN registration in designated centers in their communities, we also partnered with the various local governments to assist government issued ID cards.
“With all these in place in the designated centres, within a few weeks, they were able to do the capturing and opened bank accounts for the farmers who are now a part of the digital economy.”
“On the issue of access to banks, for the farmers to get cash for their daily activities, about 50 youths from the four local governments have been trained by Union Bank to be able to use their Union Direct app to provide basic banking services in their various communities.
“For us, this is another expression of TGI Group’s commitment to its philosophy on backward integration and mutual collaborations between us and our communities,” Kassim concluded.
The TGI Group is a major conglomerate operating in the Nigerian economy with diversified interests and investments. It started the business about 40 years ago with a modest investment and is presently operating in 17 countries because of its founder’s pioneering and entrepreneurial spirit.