Greenwich Bank Targets Ondo, Ekiti Farmers with Export Finance Plans

News in Brief:

— Greenwich Bank Limited has expanded its commercial banking operations into Akure and Ado-Ekiti with plans to finance farmers, cooperatives, processors, exporters and small businesses.

— Its strategy will support local value addition and help farmers and agribusinesses retain more of the economic value generated from commodities such as cocoa, oil palm and cassava.

Greenwich Bank Limited, based in Lagos, Nigeria, has announced plans to support farmers, agricultural cooperatives, processors and exporters in Ondo and Ekiti states. This move forms part of its commercial banking operations expansion across South-West Nigeria.

The merchant bank has opened a branch in Akure and is establishing a presence in Ado-Ekiti to extend its financial services beyond large corporations and institutions to small and medium-sized enterprises (SMEs), traders and businesses operating across agricultural value chains.

This development could be significant for agribusinesses in both states. Akure, Ondo State's capital, is a major agricultural hub producing cash crops such as cocoa, oil palm, and cashew. Ekiti State has similar capacity, with farmers producing large volumes of staples like cassava, maize and other commodities for local livelihoods and commercial activity.

Financing Beyond Primary Production

Speaking during the branch unveiling, Kayode Falowo, Group Chairman of Greenwich Holdings Limited, said the expansion marked an important stage in the group’s transition from merchant and investment banking into broader commercial banking.

He said the bank’s commercial banking licence from the Central Bank of Nigeria would enable it to bring its financial expertise closer to businesses and households, particularly those operating in agriculture and related sectors.

“We will support farmers and cooperatives, back processors and exporters who add value locally, and equip Akure’s and Ado-Ekiti’s traders and entrepreneurs with the banking tools of a modern economy,” Falowo said.

Ondo, Ekiti Seek Wider Economic Opportunities

At the Akure branch commissioning, Ondo State Governor Lucky Aiyedatiwa, represented by his deputy, Olayide Adelami, described the expansion as a positive contribution to Ondo’s economic development and assured the bank of the state government’s support.

In Ekiti State, Governor Biodun Oyebanji, represented by his Chief of Staff, Niyi Adebayo, said the bank’s presence could stimulate business activity, create opportunities and promote shared prosperity.

Segun Oloketuyi, Chairman of Greenwich Bank Limited, said that the new branch represented more than an increase in its physical network. He explained that Greenwich would draw on its capital base, industry experience, technology and relationship-driven approach to provide accessible banking services.

The Akure opening follows the commissioning of three branches in Lagos.