By Raymond Benson
To deepen the financial literacy policy of International Fund for Agricultural Development, (IFAD), the Abia Livelihood Improvement Family Enterprises Niger Delta, (LIFE-ND), in collaboration with Parkway Financial Inclusion and Banking Agency, has introduced a digital payment services to benefiting farmers.
Speaking on the digital device at the event in Umuahia, the Head, Agency Banking and Financial Inclusion, Parkway, Mr. Dire Chidi, said that the Parkway Wallet is to enhance the digital financial transaction of the farmers in both national and international platforms without constraints.
He explained that the value of the wallet distributed to the beneficiaries ensures the habit of savings, interest accrual and guarantees payment of commission in case of delay.
Mr. Chidi said: “Parkway Wallet we’re distributing to them today can send money to anybody in Nigeria with detailed narrative of the product.”
“The value of the Wallet provided for them will help them to save, earn interest while also saving. We guarantee that our payment is absolute and it must go.”
He also spoke on an innovation of Dollar- USSD account that would permit dollar transaction using the Point of Sale, (PoS), and Automated Teller Machine, (ATM) modems for business transactions, while also promising to make the local farmers technology savvy through continuous training.
The Abia State LIFE-ND Project Coordinator, Uchenna Rowland Onyeizu, Ph.D, said that the activity was a special aspect of financial inclusion geared towards leveraging on the financial environment to assist the youths in funding their enterprises.
He explained that the Project guarantees partnering with the private and financial institutions for the success of the beneficiaries.
“This is an encouragement to our beneficiaries. We have provided PoS machine and ATM card so that they can do some micro businesses within their communities using these facilities,” he said.
Speaking to newsmen on the activity, Abia LIFE-ND Financial Inclusion Specialist, Mr. Lucky Ubani explained that the Project Financial Framework allows him the mandate to link 4,250 Abia Project beneficiaries to financial institutions’ services.
He said that the PoS machine and the Parkway Wallet would assist to increase their remittances after sales.
A participant, Ms Joyce Chidera Ojimadu, an oil palm processing beneficiary of Imeafor Oil Palm Processing Mill, Umuokorodo Umuahia South LGA, Abia State, said that the “less charge”and “easy assess” to bank loan” features, were some of her major attractions.
She thanked IFAD for the “great idea.”
The Parkway Microfinance Bank was established in 2008 with the objective of offering loans, savings and deposit services to general public.
The finance bank has been insured by National Deposit Insurance Commission, (NDIC), and licensed by the Central Bank of Nigeria.
Raymond Benson is the Knowledge Management Officer, Abia LIFE-ND.