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Smallholder Economic Interest Farmers Agricultural Cooperative (SEIFAC) Payment Update

Smallholder Economic Interest Farmers Agricultural Cooperative (SEIFAC) Payment Update- This update is for all those that registered for the SEIFAC loan and are looking for the correct payment update. There are a lot of false information online and that is why we are bringing you this update.

SEIFAC/CBN Anchor Borrowers Programme

Please Note- SEIFAC does not own any social media handle except a Whatsapp group called “SEIFAC NATIONAL PLATFORM” which is not accessible to the general public except a few key persons. Please take note and disregard all social media platforms parading its connections to SEIFAC.
SEIFAC expressly disclaims responsibility and shall have no liability for any damages, loss or liability whatsoever suffered as a result of disregarding this warning or relying on the information disseminated by any such website, social media (i.e facebook, twitter, e.t.c) other than www.seifac.org

SEIFAC/CBN Anchor Borrowers Programme has commenced its data collection for her 2021/2022 Wet Cropping Season for all Smallholder Farmers and Cooperatives across the Nation to farm in Agricultural Production Clusters (Agro-PCs) a cluster farming model which is aimed at addressing the challenges often faced by Smallholder Farmers for farming individually at small scale. SEIFAC Registration is free of charge via online.

SEIFAC Loan Payment/Disbursement Update

SEIFAC Loan Payment/Disbursement Update: Reasons Why you MAY NOT be Paid your CBN/Heritage Bnak Seifac Loan – This contains the latest news update on SEIFAC Loan Payment and Disbursement. It also contains fully detailed reasons why some persons would not be paid their CBN/Heritage Bank Seifac Loan. Kindly read through to see if you are among

The Seifac Loan disbursement has generated issues and most applicants are weary over yet disbursed loan despite meeting the criteria.

The SEIFAC / CBN Anchor Loan Program will soon start disbursing loans to all shortlisted successful applicants across the country. The SEIFAC / CBN distribution process would soon be complete.” All shortlisted applicants should please exercise patience.

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SEIFAC Branded ATM

Seifac through the Heritage Bank had mass-produced Co-Branded ATM. This was distributed to deserving applicants, though most applicants are to receive. The ATM Card will serve dual purposes for the operation of their SEIFAC Project Wallet Account and as an Identity Module.

Please Note- Any loan approval message either by SMS, email and social media are fake as such message doesn’t emanate from SEIFAC. So, you are advised to ignore any loan approval by SMS, email, and on social media, any loan approval by SMS, email, and on social media.

All SEIFAC members can reach SEIFAC through the Support Team with the contact 08132385944 and by also visiting the SEIFAC website on www.seifac.org regularly

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SEIFAC Loan Payment/ Disbursement Terms and Conditions

These terms and conditions apply to SEIFAC members, visitors, users and other individuals accessing or using the Service.

  1. You shall open a SEIFAC Project Account with our official Bankers.
  2. You agree to farm in our Agricultural Production Cluster (Agro-PC).
  3. You agree that an insurance policy be bought for your allocated farm by SEIFAC.
  4. You agree to the fact that the SEIFAC/CBN ABP Single Digit Interest (SDI) Rate Loan is not in cash but in kind.
  5. You agree that SEIFAC in conjunction with your Agro-PC and/or their Service Provider(s) are responsible for the production and management of your enterprise from land preparation, production agronomy and harvesting of final farm produce.
  6. You agree that you shall only play a supervisory role to know what has been done on your allocated field for the purpose of probity and accountability except and only when you are contracted to do otherwise for an activity over a given timeframe.
  7. You agree that agricultural mechanization should be applied on your Agro-PC field – Seifac Disbursement: Reasons CBN/Heritage Won’t Pay Applicants
  8. You agree that your farm shall be managed by the Agro-PC Manager, who may or may not be a member of the Agro-PC appointed by the Agro-PC in conjunction with SEIFAC.
  9. You agree that you shall not claim ownership of whatsoever on the field allocated to you by harvesting or boycotting the produce from your field until your loan is paid in full.
  10. You agree that SEIFAC/your Agro-PC should market your Agro-PC farm produce in bulk, pay the loan and pay the balance thereof into your Project Account as profit from your farm enterprise.
  11. You agree to pay Agro-PC annual membership subscription of Five Thousand Naira (N5,000.00) only, which will serve as equity contribution for the following cropping season(s) to qualify the Agro-PCs to continue in its production enterprise.
  12. You agree to pay a one-time Membership Registration of Seven Thousand Five Hundred Naira (N7,500.00) only and subsequently an annual subscription of Two Thousand Five Hundred Naira (N2,500.00) only.
  13. You accept to maintain an Account (savings or current) with the SEIFAC Microfinance Bank (SEIFAC-MFB) which its establishment is underway.
  14. You agree to be servicing your SEIFAC-MFB Account from time to time for it to be active for the good of SEIFAC and the growth of SEIFA-MFB which you are a stakeholder.
  15. You agree to work for the actualization of the vision and mission of SEIFAC by adhering to the bye-laws guiding the cooperative.
  16. You agree to maintain in confidentiality any privilege information of the cooperative in your possession.
  17. You agree to avoid the mismanagement of any property of SEIFAC that would be under your possession from time to time in the course of implementing your production enterprise.
  18. You agree to maintain loyalty to the management of your primary Agro-PC and SEIFAC being the hub of all the constituent Agro-PCs.
  19. You agree that any art of criminal act perpetrated on your Agro-PC field by you, your relatives or your assignees which will contradict the bye-laws of SEIFAC and your Agro-PC by extension you should be held responsible and as such face the full consequences of the law.
  20. You agree that at the end of every cropping season, SEIFAC should deduct from your SEIFAC Account 20% as your Pension Contribution from the profit on your enterprise and that it is receivable after your retirement from farming at 70yrs or voluntary retirement after a minimum of 15 Wet Cropping Seasons.
  21. You agree that if you chose to retire before a minimum of 15 Wet Cropping Seasons your Pension Funds should be paid to you in full and at once as gratuity.
  22. You agree that you shall give SEIFA six (6) months in lieu of notice your voluntary retirement OR be deducted 10% of from your pension funds account.
  23. You agree that in the event of death, your Pension Funds should be paid to your next of kin at once in full and at once as gratuity within 10 days of the receipt of necessary evidence of death certification from your family. Seifac Disbursement: Reasons CBN/Heritage Won’t Pay Applicants
  24. You agree to be enrolled on the Health Insurance Policy – HMO operated by SEIFAC for her farmers called SEIFAC Farmers Health Care System (SEIFAC-FHCS) for the health benefit of every member of SEIFAC and make an annual subscription of Six Thousand Naira (N00) only every year at harvest.
  25. You agree that it is only the farmer, his or her spouse and any two (2) of his /her children under the ages of 18 (i.e. 0 – 18 years) are eligible to benefit from the Health Insurance Policy – SEIFAC-FHCS.
  26. You agree that anytime you/your spouse and two of your children registered under the SEIFAC-FHCS receive treatment from the approved hospitals, you shall pay 50% and SEIFAC pays the other 50% to make up 100% of the medical bills. This is exception of laboratory investigation bills.
  27. You agree that you will participate fully on the farm enterprise and if found wanting should be dealt with in accordance to the provision of SEIFAC bye-laws.
  28. You agree that in your Agro-PC, YOU are the one to ensure every other member farmer pays back his loan in order for the Agro-PC to qualify for the next cropping season.
  29. You agree that should you fail to pay back your loan and every effort to recover from the Agro-PC proves abortive, your next of kin and guarantor shall take full responsibility to ensure the repayment of your indebtedness to SEIFAC/CBN/Commercial Bank who are the financiers of the project.
  30. You agree that a lien be placed on your SEIFAC Project Account whenever your SEIFAC Loan has not been fully recovered until such period when the loan facility has been liquidated by you or your next of kin and/or guarantor and/or by extension your Agro-PC.
  31. You agree that you will not be found wanting in any act that will tarnish the image of SEIFAC or your primary Agro-PC, should you be found wanting, you should be expelled from the SEIFAC/Agro-PC and your Pension contribution be refunded to you as gratuity at your supposed retirement date. Seifac Disbursement: Reasons CBN/Heritage Won’t Pay Applicants.

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