The Oyo State government has taken steps to ease the guarantor’s requirements for the ongoing SAfER/Agricultural Credit Corporation of Oyo State (ACCOS) scheme for farmers.
ACCOS Chairman Sheikh Taofeek Akeugbagold said this was to ensure more farmers have access to agricultural loan schemes.
Speaking with stakeholders in Ibadan, he said Governor Seyi Makinde had approved the inclusion of executives of farmers’ groups to stand as guarantors to interested farmers seeking loans from the state’s agricultural credit corporation.
“The development will allow executive members of the farmers’ association to stand as guarantors for their group members requesting that the SAfER/ACCOS agric loan aligns with Makinde’s commitment to supporting the agricultural sector in the state.
“We observed that most farmers could not access the agric loan under SAfER due to the bureaucratic bottleneck of provision of civil servants working with the state government as guarantors.
He said Makinde had approved the inclusion of executives from farmers’ groups to represent interested farmers in accessing the facilities.
According to him, this will remove the bottleneck of civil servant guarantors, enhancing the productivity of farm products and, by extension, food security in the state and the country at large.
The chairman also emphasised that changing the guarantor’s requirements would benefit farmers who might not know any civil servants. It would allow executive members of registered farmers’ associations to fulfil this role seamlessly.
Earlier, the coordinating director of the Agricultural Credit Corporation of Oyo State, Mr Tunde Oladejo, reminded previous beneficiaries of the SAfER/ACCOS loan to repay their loans to the respective disbursing banks.
He added that timely repayment was crucial to ensuring the loan scheme’s sustainability while allowing other farmers to benefit from the intervention.
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