Oyo Govt Eases Guarantor’s Requirements for Agric Loans

In a bid to ensure more farmers in Oyo State have access to Agricultural loan schemes, the State Government has taken steps to ease up the guarantor’s requirements for the ongoing SAfER/ACCOS scheme.

This was announced in a statement issued and signed by the Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akeugbagold.

The statement indicated that 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 Governor Makinde’s commitment to supporting the agricultural sector in the State.

It further explained that the directive will expand the pool of potential guarantors beyond Civil Servants on Grade Level 7 and above, making it more accessible for farmers to meet the loan conditions set by the participating banks.

The Chairman also emphasized in the statement that the change in the guarantor’s requirements will benefit farmers who may not have the means to secure civil servant(s) as a guarantor and as such, allow executive members of registered farmers associations to fulfil this role, hence making more farmers to access the necessary financial support to invest in their agricultural activities.

Additionally, the statement reminded previous beneficiaries of the SAfER/ACCOS loan in December 2023 and January 2024 to start repaying their loans to the respective disbursing banks as timely repayment is crucial to ensuring the sustainability of the loan scheme while also, allowing other farmers to benefit from the intervention.