MODACS plans flexible loan  for sustainable agric devt in Nigeria

MODACS plans flexible loan  for sustainable agric devt in Nigeria


The Ministry of Defence Agricultural Cooperative Society (MODACS) has reiterated its determination towards ensuring that members attain financial stability.

The President of MODACS, Dr Edacbhe Okoh Adigwu gave the assurance on Friday, at a press briefing heralding the Cooperative society’s forthcoming Annual General meeting (AGM) in Abuja.

Adigwe said the self-sustaining cooperative society aim to assist members access loans for agricultural development as it provides development solutions in the financial services arena for the benefit of its members.

According to MODACS president, the scheme gives members the opportunity to improve on their savings culture and make wise investment decisions.

”Ministry of Defence Agricultural Cooperative Society operates a collectively free loan process that only requires one to have and tender a verifiable integrated personal payroll and information system (IPPIS) number.

”Being under IPPIS platform with such a verifiable number confirms and qualifies one to be a government worker and to access MODACS loans respectively.

”However, in a situation the borrower is not under IPPIS platform, an IPPIS compliant number will be required to undertake the loan needed or the applicant will be required to access the loan below or limited to the amount saved.

”This condition also applies to retirees who still maintain or service their Financial membership of the cooperative through periodic cash deposits into MODACS accounts members and non members of MODACS have always leveraged these stress free loam processes in meeting their
needs.” the president explained.

The MODACS boss further disclosed that the laudable initiative would assist members take practical steps in establishing their own farms and businesses through the support of relevant government agencies.

”The cooperative will promote the economic interest of members in the area of agriculture, particularly to encourage and assist members take advantage of government policies on agriculture, small and medium scale business enterprises through facilities provided by government
agencies, NGOs and the Private sector.” He said.

Adigwe however urged members to utilize the available cooperative facilities with a low interest rate of 5 percent, while assuring that the cooperative would give special consideration to retirees.

The Ministry of Defence Agricultural Cooperative Society (MODACS) was founded in the year 2005 by the staff of the Federal Ministry of Defence, Abuja, with 31 pioneer members.

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