By Ahmed Ahmed
The Microfinance Institutions Building for Poverty Reduction (MIFIN) Program of the Bauchi State Agency for Sustainable Microfinance, a women cooperative group Jinkan Allah has access to the sum of N250,000.00 worth of grains for onward distribution to 25 women in the state.
Mrs Habiba Ajufoh Executive Director of a Civil Society Organization (CSO) Community Advocate for Rural Development (CARD) that serves as the Micro Finance Institution (MFI) stated this while handing over the bags of grains worth the sum of the loan requested at the weekend in Yelwa Community of Bauchi Metropolis.
He said that the Agency facilitated the loan on behalf of the women cooperative, to boost their businesses within their communities.
She said the cooperative is made up of 25 women, with each woman having N10,000.00 worth of grains to boost their existing small business.
Mrs Ajufoh expressed her gratitude to Bauchi State Agency for Sustainable Micro Finance for granting the loan under the Agency’s MIFIN program.
She said that Jinkan Allah Cooperative was the first set beneficiaries of the MIFIN soft loan initiative amongst CARD’s clusters of Village Savings and Loans Associations (VSLAs),
After fulfilling all the criteria stipulated by the Bauchi State Micro Finance Agency.
The ED also disclosed that Jinkan Allah Cooperative Group have demonstrated their capacity of managing the loan from their personal collective contributions with evidence of good record keeping of savings and loans within them before accessing the Agency’s loan.
She then expressed her optimism that at the end of the cycle tenure of the loan, they would be qualified for a much higher sum of loan to boost their income in line with the goal of the MIFIN program of the State Agency for Sustainable Micro Finance.
Also Speaking, representative of the Agency, Hajiya Jummai Shuaibu congratulated Jinkan Allah Cooperative Group for being the first beneficiaries of the Agency’s MIFIN program saying they would always remain a reference point for future beneficiaries.
Shuaibu also commended the MFI for grooming the Cooperative in line with the guidelines for accessing the loans, promising that such commitment would pave the way for a more financial inclusion of Cooperative groups in the State.
“With a view to improving their businesses, enhancing standard of living and breaking the shackles of poverty within communities of Bauchi State,” he said .
At the end of the evaluation exercise of Cooperative Group, over N400, 000.00 was saved by the Cooperative.
