NADF, Mastercard, FCMB Partner To Support Oyo Women Cassava Farmers

News in Brief:

-NADF, Mastercard Foundation and FCMB have launched a blended-finance programme to support 12,000 young women cassava farmers in Oyo State, with plans to reach 45,000 women by the end of the initiative.

-The partnership will fund the cultivation of 2,400 hectares of cassava, strengthen value addition, and boost food security under the Renewed Hope Agenda.

The National Agricultural Development Fund (NADF) has launched its blended on-lending financing partnership with Psaltry International Company Limited, an initiative designed to empower 12,000 young women cassava farmers across Oyo State in its first phase. The programme is expected to scale up to reach 45,000 women.

This unveiling event took place during the 20th anniversary celebration of Psaltry International at its processing facility in Alayide Village, Awaye, in Iseyin Local Government Area.

Finance Backed by Mastercard Foundation

The initiative is anchored under the NADF Blended Finance On-Lending Programme (NADFBFP). NADF contributes ₦798 million, representing 51% of total financing, while the Mastercard Foundation provides the remaining 49%. Additional technical support comes from IDH.

The funding will support the cultivation of 2,400 hectares of cassava and will be channelled through Psaltry’s structured outgrower and ingrower networks. FCMB serves as the participating financial institution responsible for disbursement.

Executive Secretary of NADF, Mohammed A. Ibrahim, represented by Abiodun Sosanya, General Manager of Corporate Services, said the partnership reinforces the agency's mandate to drive agricultural growth and rural economic development.

“This collaboration seeks to support the working capital needs of Psaltry International through the cultivation of cassava by a dedicated network of farmers, while complementing Mastercard Foundation’s financing of the farmers’ input requirements,” he said.

Programme to Cut Production Costs and Guarantee Markets

Ibrahim noted that the programme will ensure farmers have timely access to quality inputs, benefit from subsidised lending, and enjoy guaranteed markets through Psaltry’s backward integration model. The arrangement is expected to reduce production costs, deepen value addition, and strengthen the domestic supply of cassava-based products.

The initiative aligns with the food security and sovereignty drive under President Bola Tinubu’s Renewed Hope Agenda. It demonstrates how structured agricultural finance can expand local production, reduce import dependence, and economically uplift rural women.

A Transformative Model for Agricultural Finance

Managing Director/CEO of FCMB, Yemisi Edun, represented by Executive Director of Wholesale Banking, Obaro Odeghe, hailed the partnership as a model for solving Nigeria’s agricultural financing gaps.

“This initiative funds the cultivation of 2,400 hectares of cassava under the NADF–Mastercard Foundation–FCMB collaboration. It enables Psaltry to scale up cassava and sorbitol production while addressing Nigeria’s agricultural finance gap. NADF’s support demonstrates the power of purposeful public-private partnerships in repositioning agriculture as a key economic driver,” Edun said.

Psaltry International Celebrates 20 Years of Impact

Founder and CEO of Psaltry International, Oluyemisi Iranloye, noted that the collaboration coincides with the company’s 20-year journey of innovation and community impact.

“As we celebrate 20 years of Psaltry, this collaboration will impact 15,000 women initially and 45,000 by the end. From cassava, we produce food grain, starch, high-quality cassava flour, sorbitol, and glucose for Nigerian companies. It provides import substitution, strengthens local supply chains, and supports youth, internally displaced persons, and people with disabilities,” she said.

Iranloye added that the milestone reaffirms Psaltry’s commitment to inclusive growth, women’s economic empowerment, and sustainable agriculture.