Sokoto establishes micro-finance bank, disburses N1bn soft loan

Tambuwal presenting the loan to one of the beneficiaries

government has disbursed an interest-free loan of N1 billion to traders and artisans in the state.

The disbursement of the loan was done at the flag-off of the state in its effort to improve the lives of the citizenry and accelerate development.

Gov. Aminu Waziri Tambuwal of who flagged off the operations of the Giginya Micro-Finance Bank in Sokoto Friday, stated that “the loan is going to be revolving in nature and will be paid back on monthly installments in two years for others to benefit.”

A press statement by the Special Adviser to the Governor on Media further indicated that Giginya Micro-Finance Bank is the first indigenous bank in licensed by the of Nigeria (CBN).

Tambuwal also assured that the state government was poised to grow the financial base by sourcing for N2 billion from the CBN, “to support our traders and all those at the micro, small and medium level of the economy.”

Moreso, “the bank,” added the governor, ” is planning to grow its deposit base from major stakeholders- contractors, state government, parastatals, agencies and placement from individuals and corporate bodies.”

The bank, according to him, will also key into the Islamic banking window to provide various services of Islamic Sharia allowable banking transaction such as Mudaraba, Murabaha, Salam, Ijara and Istisna.

The governor emphasised that his administration, is “ready to continuously empower traders and artisans to make their lives easier through provision of non-interest soft loans for their various businesses.

He promised that other empowerment programmes for different groups of businesses would also be implemented.

In his address, the Commissioner of Commerce and Industries, Alhaji Bashir Gidado, thanked the state government for initiating the facility saying that the loans will stimulate commercial activities in the state.

He also said the loan was not the first to be provided to traders and explained that the sum of N500 million naira have been distributed previously to them.

The Chairman of the bank, Alhaji Sambo Bashar, who applauded, the effort of the state government can only be further emphasized by the noble intention of the state governor to lift the poor and women out of penury.

Representative of the Sultan of Sokoto, Prof. Sambo Wali Junaidu, Wazirin Sokoto, while noting that the is a step torward the economic development of the state, requested that 50 per cent of the should be women, many of who are in purdah.


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