Zowasel and VBank collaborate to help farmers with loans for efficient farming

Zowasel, a sustainable commodities marketplace dedicated to developing the country’s supply chain, people and planet, and VBank, a digital bank in Nigeria, have teamed up to help farmers struggling to secure a fund adequate bearing.

The partnership also aims to provide access to instant and affordable credit for agribusinesses and offers tremendous opportunities for a value-added relationship through referrals, due diligence, use of existing transactional records and physical characteristics. or behavioral to boost loan approvals and reduce the incidence of non-performing loans that exist today.

Jerry Oche, founder and CEO of Zowasel, said the hardest line for farmers to walk is getting a loan on their crops.

He said farmers need working capital to extract elements from the soil to develop their agribusinesses.

“Our partnership with VBank is to make cash flow a click away for qualified clients.

“The problem of the market is to solve what a loan offers. The mechanics are only built around the platform actually owning the products it funds,” he said.

He added that Zowasel is not a lender; and does not have a loan license.

“In Nigeria and across Africa, commercial banks are not able to lend on crops and farmland.

“They cannot and have not been able to provide financing for the most valuable asset, which is the crop itself. The Zowasel platform simply allows crops to be a fundable asset for crop sellers who trade on its platform to be funded by the digital bank.

He added that Zowasel makes payments to crop sellers after each successful delivery of produce to buyers on its marketplace platform.

“The crop seller ships the goods to buyers’ preferred locations and the buyer verifies both quality and quantity and then uses the Zowasel platform to convey that he has confirmed, received and verified all parameters. before payments are released to crop sellers.

“These processes are slowing down some crop sellers with little or no working capital to sell on the Zowasel platform, while others have huge potential to scale up their capacity but lack access to the trade finance needed to grow their agro. -industry.

Speaking further, he said that Zowasel and Vbank, powered by VFD Microfinance Bank, seek to explore these opportunities to support current and potential crop sellers in the Zowasel market struggling with working capital to expand their agribusinesses.

He said VBank would provide access to working capital and trade finance to qualified current and potential crop sellers on the Zowasel platform.

“Crop vendors who meet the digital bank loan requirements are required to provide a signed Crop Vendor Agreement with Zowasel as part of the loan application for review,” it added.

VBank’s Managing Director, Gbenga Omolokun, said, “Zowasel’s offerings align perfectly with our drive for financial inclusion. Their service addresses an important issue in agricultural value chains.

“This is an exciting opportunity to provide an additional layer of agribusiness financing that traditional banks cannot provide.

“VBank will undoubtedly provide access to working capital loans to qualified crop sellers on the Zowasel platform to foster economic development across Nigeria and remove disruptive barriers to trade finance.”

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The PDP spokesperson recalled how the opposition party had repeatedly warned that the APC government had ceded sovereignty over much of our country to terrorists, “many of whom were imported into our country by the APC”.

He further stated, “In the video, in a brazen manner, terrorists as non-state actors boldly showed their faces, bragging, admitting and confirming their participation in the escape from Kuje prison, whose some were ex-convicts who were either imprisoned or incarcerated. awaiting trial for their previous act of terrorism against our country.

“Nigerians can also recall the admissions of Kaduna State Governor Mallam Nasir el-Rufai that the APC government knows the plans and whereabouts of the terrorists but failed to act.

According to Ologunagba, around 18,000 Nigerians have been killed by terrorists between 2020 and 2022 “as the criminals continue to be emboldened by the failures and obvious complicity of the APC and to which the PDP had always drawn attention” .

“It’s not politics; it’s about humanity and leadership, which is sadly and sadly lacking in our country right now,” he said.

The PDP added that it is appalled by “the lame response of the seemingly helpless, distraught and deflated Buhari presidency, in which it told a dying nation that President Buhari “has done everything and even more than expected. he was expected as Commander-in-Chief by way of sustaining the morale, materiel and equipment of the military…”

“This is a direct admission of incapacity and failure on the part of the Buhari presidency and the APC. At such a time, in other climes, the president directly leads the charge and takes drastic measures to save and protect its citizens.

“In times of adversity, the president transforms himself into a chief comforter to give hope and help to the citizens. Painfully, Nigeria does not have a president who cares and can present himself as the chief comforter of the people.

“It has now become very imperative for Nigerians to take notice and realize that the only solution to this unfortunate situation is to hold the APC government accountable. We must unite as people regardless of our political, ethnic and nuns to resist the fascist tendencies of the APC administration.

Ologunagba called for an urgent meeting of the National Council of State to advise on the way forward in the face of worsening insecurity in the country.

“Our nation must not fall. The resilient Nigerian spirit and positive attitude must be rekindled by all to convince the President to immediately and without further delay accede to the request of the PDP and other well-meaning Nigerians to convene an extraordinary session of the National Assembly. Council of State to find a lasting solution since the president is, by his own admission, at the end of his tether,” the PDP spokesman said.

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