We are pleased to inform you that Application is ongoing for SEIFAC Loan 2023/2024. We have provided in this article guidelines that will help you through your application process.
SEIFAC means Smallholder Economic Interest Farmers Agricultural Cooperative. Small-scale farmers in Nigeria have formed an association to support other small-scale farmers. Data collection for the years 2023/2024 has begun under the SEIFAC/CBN Anchor Borrowers Programme.
Wet Cropping Season is the time for all smallholder farmers and cooperatives in the country to cultivate in agricultural production clusters (Agro-PCs), a type of cluster farming designed to enable smallholder farmers deal with the challenges that come with farming on a small scale individually.
SEIFAC Loan 2023/2024 Application Procedure
Step 1: Create a profile
You can create a profile only if you are up to the age of 18 to join SEIFAC and be qualified for the SEIFAC/CBN Anchor Borrower Program and other SEIFAC services.
Step 2: Registration
You must be at least 18 years old and interested in using cluster farming concept, Agro-PC (Agricultural Production Cluster), to cultivate one of the enterprise crops. Describe yourself to begin the SEIFAC Smallholder Farms Membership Registration.
Step 3: Application
Apply for the SEIFAC/CBN ABP for the 2023/2024 Wet Cropping Season by logging into your SEIFAC Profile. Based on how well the soil functions in your location is and what you are good at, choose your desired crop production enterprise.
Step 4: Project account
You must open your SEIFAC Project Account with one of the authorized banks. Both the email address you provide and the news section of the website will reveal who they are.
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SEIFAC Terms and Conditions
Before using the website, carefully read the following terms and conditions. You declare your agreement to these conditions by using or accessing their services. All SEIFAC users, visitors, and members who interact with their service are subject to these terms.
- At one of the approved banks, you must open an SEIFAC project account
- You agree to take part in the Agricultural Production Group (Agro-PC) by joining
- For the farm that SEIFAC has assigned to you, an insurance coverage will be obtained
- Recognize that SEIFAC/CBN ABP Single Number Interest Rate Loan (SDI) is a certain kind rather than actual money
- SEIFAC will supervise production and management tasks, including initial preparation of the land, cultivation, production, and final harvest, along with your Agro-PC and its service suppliers
- For transparency, you should monitor and comprehend what is happening on the land you have been given. This doesn’t apply though if you’re working on something else at the time
- You must employ agricultural equipment in your Agro-PC branch. Note that SEIFAC will not cover expenses due to CBN or inheritance issues
- Your farm will be managed by an Agro-PC Manager that has been chosen by SEIFAC and Agro-PC
- Until your loan is fully repaid, you cannot claim ownership of or harvest produce from the designated area
- It is the responsibility of your SEIFAC/Agro-PC to market the produce, pay back the loan, and credit any earnings to your project account
- To support the upcoming crop season, Agro-PC requires an annual charge of N5,000
- A one-time cost of N7,500 and an annual fee of N2,500 are due at the beginning
- You must keep an account open with the future SEIFAC Microfinance Bank (SEIFAC-MFB), either a savings or a current account
- To support SEIFAC’s expansion and SEIFAC-MFB, in which you have stock, update your SEIFAC-MFB account as necessary
- Be devoted to SEIFAC’s objectives and follow the Cooperative Goodbye Law
- Protect any private information about the cooperative that you may have
- Take good care of SEIFAC resources and prevent waste
- Stay committed to SEIFAC and your primary Agro-PC
- You are responsible for any illegal behavior by you or a close friend that violates SEIFAC or Agro-PC rules
- Each season, a reserve of 20% of your profits will be put into pension contributions in your SEIFAC account After retiring at age 70 or after 15 seasons, you may do so
- You can get your pension fund right now if you retire before 15 seasons have passed
- You must provide SEIFAC six months’ notice of your intention to retire voluntarily or otherwise your pension fund will be deducted 10%
- Upon receiving proof of death, the pension fund shall be transferred to your immediate family in the event of your passing within ten days
- Sign up for SEIFAC Farmers Health Care System (SEIFAC-FHCS), a health insurance-HMO plan with a N6,000 annual premium that is required after each harvest
- The only people who can receive SEIFAC-FHCS health insurance benefits are you, your spouse, and two children who are under the age of 18
- Those enrolled in SEIFAC-FHCS will be treated appropriately.
Follow us for more detailed update on SEIFAC Loan 2023/2024 Application procedure. Let us know how we may be of help to you in the comment section below.
