SEIFAC News 2022: Loan & Grant Update

SEIFAC News 2022: Loan & Grant Update

Seifac loan applicants will be happy with the latest developments regarding loan disbursement to eligible applicants

A recent development shared in the SEIFAC Facebook group by Abdul Hafeez Hassan indicates that SEIFAC loan disbursement is 90% ready.

The SEIFAC / CBN Anchor Loan Program will soon start disbursing loans to all shortlisted successful applicants across the country. According to the SEIFAC director, “the SEIFAC / CBN distribution process is 90% complete.” All shortlisted applicants should please exercise patient.

Seifac Disbursement: Reasons CBN/Heritage Won’t Pay Applicants

Seifac Disbursement: Reasons CBN/Heritage Won’t Pay Applicants –The SEIFAC loan disbursement has created problems. And most applicants are fed up with disbursed loans. even if the criteria set for the applicant has been met

Some applicants have special reasons for not having a seifac loan. It has been stated publicly that non-compliance will result in disbursement

SEIFAC TERMS AND CONDITIONS

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEBSITE. Your access to and use of the Services is subject to your acceptance and compliance with these terms and conditions. These terms and conditions apply to SEIFAC members, visitors, users and other individuals accessing or using the Service.

  • You will need to open a SEIFAC project account with one of our official banks.
  • You agree to farm in our Agricultural Production Group (Agro-PC).
  • You agree that SEIFAC purchases an insurance policy for your allocated farm.
  • You accept the fact that SEIFAC / CBN ABP Single Number Interest Rate Loan (SDI) is not cash. but is a type
  • You agree that SEIFAC, together with your Agro-PC and/or their service providers, are responsible for the
  • production and management in your organization from the preparation of the land, the crops, the production and the harvesting of the final agricultural produce.
  • You agree that you should play a supervisory role to know what has been done in the field you have allocated for transparency and accountability. Except and only if you are contracted to do something else for the activity during the specified period.
  • You agree that agricultural machinery should be used in your Agro-PC branch – Seifac disbursement: CBN/Inheritance reasons will not pay the applicant.
  • You agree that your farm will be managed by an Agro-PC Manager who may or may not be a member of Agro-PC appointed by Agro-PC in conjunction with SEIFAC.
  • You agree that you will not claim any ownership in the area allocated to you by harvesting or boycotting the produce from your fields until your loan is paid in full.
  • You agree that your SEIFAC / Agro-PC should mass market the products in your Agro-PC farm. Pay off the loan and pay off the balance to your project account as profit from your farm organization.
  • You agree to pay an annual subscription to Agro-PC of five thousand Naira (N5,000.00) only, which will serve as equity for the next growing season. To qualify Agro-PCs to continue in production organization
  • You agree to pay a one-time subscription for seven thousand five hundred Naira (N7,500.00) only and subsequently for an annual subscription of two thousand five hundred Naira (N2,500.00) only.
  • You agree to maintain the account. (savings or current) with SEIFAC Microfinance Bank (SEIFAC-MFB), which is in the process of establishing
  • You agree to provide your SEIFAC-MFB account from time to time in order to be able to use it for the benefit of
  • SEIFAC and the growth of SEIFA-MFB, of which you are a stakeholder.
  • You agree to work to realize SEIFAC’s vision and mission by complying with the Cooperative Goodbye Law.
  • You agree to maintain confidentiality of any privileged information of the cooperative you possess.
  • You agree to avoid mismanagement of any SEIFAC assets that may be in your possession from time to time during operations in your manufacturing organization.
  • You agree to maintain loyalty to the management of your primary Agro-PC and SEIFAC at the center of all Agro-PC components.
  • You agree that any criminal offense committed by you, your relative or your assignee commit an offense in your Agro-PC region, which will conflict with SEIFAC and your Agro-PC bye law by extension. You should be responsible for the consequences of the law.
  • You agree that at the end of every growing season, 20% of SEIFAC should be deducted from your SEIFAC account as your pension contributions from the profits in your organization. And it is earned after you retire from farming at age 70, or voluntarily retire after at least 15 years of wet growing season.
  • You agree that if you choose to retire before at least 15 wet growing seasons Your pension fund should pay you in full and as a pension immediately.
  • You agree that you will give SEIFA six (6) months in lieu of your voluntary retirement notice, or 10% of that will be deducted from your pension fund account.
  • You agree that in the event of death Your pension fund should be immediately paid to your immediate relative, in full and as a pension, within 10 days of receiving the necessary proof of death from your family. Seifac
  • You agree to enroll in a SEIFAC-operated Health Insurance-HMO policy for her farmers called the SEIFAC Farmers Health Care System (SEIFAC-FHCS) for the health benefits of all SEIFAC members and an annual subscription. Six thousand Naira (N00) only during the harvest every year
  • You agree that you are just a farmer. His or her spouse and his/her two children (2) under the age of 18 (i.e. 0 – 18 years) are eligible for benefits from the Health Insurance Policy – SEIFAC-FHCS.
  • You agree that whenever you/your spouse and your two children registered under SEIFAC-FHCS will receive treatment from

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