The Commissioner for Finance in Ogun, Mr Adewale Oshinowo, said on Wednesday that 108 cooperative societies and seven enterprises benefitted from the state government’s empowerment scheme in the last eight months.
Oshinowo made the disclosure on Wednesday at the inauguration of the Akute, Ogun, branch of Accion Microfinance Bank.
The commissioner, who was represented by Mr Olarewaju Dosu, said cooperatives and the enterprises were granted N570 million loan to boost their businesses.
Oshinowo said that the N570 million loan to the cooperatives and enterprises was drawn from the N1 billion accessed by the state from the Bank of Industry (BOI).
He said the state was also thinking of accessing another N2 billion for the people of the state.
Oshinowo also said that the 108 cooperatives comprised of 1,313 individuals drawn from across the state.
He also said that the empowerment programme created 13, 000 direct jobs and 19, 000 indirect jobs.
“Don’t forget that the N1 billion we accessed was in partnership with the Bank of Industry ( BIO) that is resident in the Ministry of Finance.
“And of course, we distributed through cooperative societies and still distributing through them.
“About 108 cooperative societies and seven enterprises have accessed N570 million.
” The next one will be taken up by agency of government for monitoring, ” he said.
He, however, urged the bank to open more branches in Ogun.
” We urge Accion Microfinance Bank to come down to Abeokuta to boost its commercial activities, ” he said.
In her remarks, the Managing Director of Accion Microfianance Bank, Mrs Olubunmi Lawson, said the bank would continue to deliver on its mandate.
She stressed that the bank was not aiming at ripping off businessmen and women of their profit by charging excessive interest.
” The bank’s interest rate still stands at five per cent and the interest rate drops when a customer continually proved his or her sincerity in loan repayments, ” she said.
According to her, “the bank would bring all the adults financially excluded in Akute into the banking system.”
She said the bank would also extend financial aid to small and medium enterprises within the new areas.
“The bank is to offer a variety of financial services and products ranging from savings, current and fixed deposit accounts to micro loans.
“It’s our hope that the branches will deliver a brighter future to its teeming and growing clients,” she said.
The bank had so far disbursed about N57 billion in loans to 227,000 people since it was licensed by the CBN in 2007.
