Bauchi agency for microfinance disburses over N10m loan to vulnerable groups
By Salisu Hussaini
The Director General (DG) of Bauchi State Agency for Sustainable Microfinance, Alhaji Nura Muhammad Danmadami has disclosed that, so far the Agency has given out loans to empower the poorest of the poor and vulnerable target groups to the tune of over 10 Million Naira as revolving loan.
The DG also revealed that the Agency has accorded priority to vulnerable target groups under the Microfinance Institutions Building for Poverty Reduction (MIFIN) Program of the Agency.
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The DG was speaking at the panel of discussion at the just concluded National Summit on Gender and Social Inclusion (GESI), organised by Policy Innovation Centre (PIC), NESG and CARE International in Abuja.
Nura, while showcasing the success story of the Agency as a template for other States to adopt, said that His Excellency Governor Bala Mohammed of Bauchi state has since approved the implementation of the Microcredit revolving scheme to enable every poorest of the poor and vulnerable citizen access to credit to start up a business.
He said that the Agency has successfully empowered several community Associations and Cooperative Societies with small revolving loans for petty trading and other enterprises.
The DG, who is also the Danmadami of Katagum Emirate, said that the bulk of beneficiaries of the Agency’s MIFIN program are women which include People with Disabilities (PWDs) and other vulnerable target groups across the 20 Local Government Areas of the State.
He said that GESI mainstreaming in the MIFIN program is one of the major criteria for accessing loans from the Agency by the microfinance institutions for onward disbursement to beneficiaries.
“In Bauchi State we have integrated the Village Savings and Loan Associations (VSLAs) into the micro credit loan scheme. One of the qualifying criteria to benefit from the microcredit scheme is that one has to belong to a VSLA”,
“Bauchi State has already made significant progress in GESI as Governor Bala Mohammed continues to provide support to women and vulnerable as part of a wider economic development and financial inclusion strategy of his administration”, the DG said.
He further said that so far, thousands of women are being empowered from the revolving loan and that outcome of the MIFIN program can be seen in the repayment ability of original borrowers which is enabling other vulnerable women to access the loans too.
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