https://www.profitablegatetocontent.com/rgkeedcdeg?key=9463bce931bdfc046d902c7bae98e7a6 200 PEOPLE TO BENEFIT FROM BoI N140bn MICRO-CREDIT SCHEME - HUSTLER

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200 PEOPLE TO BENEFIT FROM BoI N140bn MICRO-CREDIT SCHEME



The Bank of Industry (BoI) yesterday in Kano  enlisted 200 beneficiaries under the federal government’s N140billion Government Enterprise and Empowerment Programme(GEED).
GEED is one of the five pillars of the federal government’s social investment intervention scheme aimed at empowering vulnerable groups in the country.
Other programmes under the social investment intervention scheme include, the Home Grown School Feeding Programme, the Conditional Cash Transfer Programme, the Job Creation Programme N-Power, and the Student Busary Programme.
Speaking during a town hall meeting with the vice president, Yemi Osibajo in Kano, the minister of women affairs, Sen. Aisha Alhassan, stressed that  the GEEP being implemented by the BoI was designed to provide micro credit to artisans, farmers, market women and entrepreneurs engaging in productive enterprise.
The meeting provided the vice president  the opportunity to interact  with traders, market men and women, artisans, food vendors and small business owners on the social intervention programmes of government.
The minister said  each beneficiary which must belong to a registered association or cooperative was  entitled to a loan between N10,000 and N100,000 repayable within six months.
According to her, the  BoI would disburse the loans directly to beneficiaries’ personal accounts with verifiable BVN.
On modalities for repayment, she added,”Loans will be disbursed and repayment collected through local banks and money agents in order to reach remote areas where there are no banking facilities. Group leaders will be required to help mobilize their members for verification and repayment of the loans promptly.
“The loans are interest free and no collateral is required. There is only an administrative charge of 5 per cent which covers the banks’ expenses for administering the fund. Payback period is 6 months and there is a one-month grace period after getting the loan before repayment starts.
“A weekly recovery plan has been prepared to ease repayment for beneficiaries. For example, a loan of N10,000 will be repaid through a weekly repayment of approximately N440 while a N50,000 loan requires about N2,200 weekly repayment.
A member of Naibawa Fish and Poultry Farmers, Saudat Usman, told LEADERSHIP  shortly after she was captured by the BoI staff, that she would use the loan to expand her business by buying more day-old chicks and feeds.
Usman  also noted that she would also invest part of the loan in acquiring a new land to rear her chicks.

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