Stanbic IBTC Partners firm on Agric-Financing

Stanbic IBTC Bank said it has gone into collaboration with Tata Africa Services and John Deere Financial, to provide financial services for the acquisition of agricultural machinery and heavy equipment.

A statement from the bank yesterday disclosed that it would provide a range of financial services to customers of John Deere. The partnership was consummated in Abuja at the inauguration of the Abuja showroom of Tata Africa Services.

The Chief Executive Officer of Stanbic IBTC Holdings, Mrs. Sola David-Borha, said the collaboration would be pivotal in diversifying the country’s economic base. This, according to her, was in addition to the immense benefits that would accrue to Nigeria’s quest to stimulate the growth of the agricultural sector by unlocking access to bank financing for operators.

‘We are thrilled to partner John Deere and Tata as their growth plans resonate well with our strategy to help stimulate growth of the Nigerian agriculture sector on a sustainable basis,’ David-Borha said.

She added that as Nigeria’s natural resources were expected to drive strong growth and attract investments in the energy, mining, infrastructure development and agriculture sectors, Stanbic IBTC was well positioned to provide on-the-ground banking operations, staffed by expert teams familiar with local business conditions and regulations, to deliver excellent service to John Deere and its customers, providing support to dealers and building long-term relationships.

David-Borha urged stakeholders in the agriculture industry, particularly small-holders and commercial farmers, to turn to banks for structured funding to boost their productivity, adding that government had been working towards creating an enabling environment for farmers.

On his part, the Managing Director of John Deere Financial for sub-Saharan Africa, Mr. Jacques Taylor, said the partnership would create a major platform to support all stakeholders especially the dealer networks, to enable them to obtain financing for their customers and enhance sale of equipment.

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