Sterling Bank Wins ACGSF Top Participating Bank Award for 2021
STERLING Bank Plc has won the award for Best Participating Financial Institution in the 2021 National Farmer of the Year Award from the Central Bank of Nigeria (CBN) Agricultural Credit Guarantee Fund (ACGSF) at the National Awards Ceremony held in Abuja over the weekend.
In a letter informing the bank of the award, ACGSF Board Secretary Mr. Edwin Nzelu said: "Sterling Bank Plc has distinguished itself in the program through its national support for smallholder farmers in 2021.< /p>
“We are therefore pleased to inform you that Sterling Bank Plc has been voted Best Participating Financial Institution of the Year 2021 by the ACGSF in the National category and would receive the award at the ceremony.”
The ACGSF explained that Sterling Bank has been recognized for its disbursement of over N136.88 million to farmers across the country from January 2021 to December 2021 under the ACGSF.
Agriculture is one of five sectors in which Sterling Bank has focused its investments since 2018 as part of its HEARTs of Sterling program with the aim of having a significant impact on the economy. The other sectors are health, education, renewable energies and transport.
ACGSF was established by Act No. 20 of 1977 and commenced operations in April 1978. Its initial registered capital and paid-up capital were N100 million and N85.6 million respectively.
The federal government owns 60% of the shares while the CBN owns the remaining 40%.
The base capital of the scheme was increased to N3 billion in March 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75% of the amount in default net of any collateral realized.< /p>
ALSO READ FROM NIGERIAN TRIBUNE
The fund is managed by the CBN, which manages the day-to-day operations of the program. The guidelines specify eligible companies for which guarantees could be issued under the scheme.
Between 1978 and 1989, when the government stipulated lending quotas for banks under the program, there was a steady increase in banks' loan portfolios to agriculture, but after the deregulation of the system financial, banks began to balk at reducing lending to the sector due to perceived risk.
In order to reverse the downward trend, several innovations and products have been introduced under the program, such as Self-Help Group Linkage Banking, Trust Fund Model and Interest Draw Back.
STERLING Bank Plc has won the award for Best Participating Financial Institution in the 2021 National Farmer of the Year Award from the Central Bank of Nigeria (CBN) Agricultural Credit Guarantee Fund (ACGSF) at the National Awards Ceremony held in Abuja over the weekend.
In a letter informing the bank of the award, ACGSF Board Secretary Mr. Edwin Nzelu said: "Sterling Bank Plc has distinguished itself in the program through its national support for smallholder farmers in 2021.< /p>
“We are therefore pleased to inform you that Sterling Bank Plc has been voted Best Participating Financial Institution of the Year 2021 by the ACGSF in the National category and would receive the award at the ceremony.”
The ACGSF explained that Sterling Bank has been recognized for its disbursement of over N136.88 million to farmers across the country from January 2021 to December 2021 under the ACGSF.
Agriculture is one of five sectors in which Sterling Bank has focused its investments since 2018 as part of its HEARTs of Sterling program with the aim of having a significant impact on the economy. The other sectors are health, education, renewable energies and transport.
ACGSF was established by Act No. 20 of 1977 and commenced operations in April 1978. Its initial registered capital and paid-up capital were N100 million and N85.6 million respectively.
The federal government owns 60% of the shares while the CBN owns the remaining 40%.
The base capital of the scheme was increased to N3 billion in March 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75% of the amount in default net of any collateral realized.< /p>
ALSO READ FROM NIGERIAN TRIBUNE
The fund is managed by the CBN, which manages the day-to-day operations of the program. The guidelines specify eligible companies for which guarantees could be issued under the scheme.
Between 1978 and 1989, when the government stipulated lending quotas for banks under the program, there was a steady increase in banks' loan portfolios to agriculture, but after the deregulation of the system financial, banks began to balk at reducing lending to the sector due to perceived risk.
In order to reverse the downward trend, several innovations and products have been introduced under the program, such as Self-Help Group Linkage Banking, Trust Fund Model and Interest Draw Back.
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