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Published On: Tue, Dec 16th, 2014

Future Growth MFB to disburse N100m loan to 7, 400 women

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By Etuka Sunday

Future Growth Microfinance Bank yesterday in Abuja advised Nigerian women to register cooperative societies to avail themselves of the

opportunities for empowerment for self- reliance.

The Managing Director of the Bank, Frances Bekey, stated this yesterday while addressing newsmen on the forthcoming disbursement of

loans to over 7,400 women in the FCT organized by the Nigerian Cooperative Women Alliance, NICOWA. “As the National Treasurer of

NAMB, I am going to mobilise my members in the various states to key into this project so that women everywhere will benefit from the

exercise” she said. The event is scheduled for this Thursday at Old Parade Ground, Abuja, at 10am.

The bank, which is the financial consultant of NICOWA, according to Bekey, had before the disbursement engaged in building the financial

capacity of the beneficiaries to equip them with entrepreneurial skills. She said the bank has sourced a pool of fund of over N100m for

the disbursement.

“It will be in stages. The amount will depend on individual beneficiaries’ respective projects or business ventures. We have also

organized capacity building mechanisms for the beneficiaries to equip them with entrepreneurial capacities. The interest rate is in

accordance with the Central Bank of Nigeria guidelines.” NICOWA’s National President Dr (Mrs) Esther Eka said, “The beneficiaries will be monitored to ensure that they utilize the loans proficiently in order to repay the loans. We urge women to key into this laudable vision of President Jonathan to improve the lives of women. Sadly some groups collect money from women without giving them loans nor any kind of assistance. We shall do open disbursement to make women see the genuineness of the exercise and encourage them to form cooperative societies to empower themselves.”

Dignitaries expected at the event include the Minister of Women’s Affairs, Director General of Women’s Development Centre, Minister of

Agriculture and representatives of state governments.

Highlights will include the granting of microloans to NICOWA women, presentation of the Microfinance Bank Institute run by NICOWA, launch of Community-Based Health Insurance Scheme, and conferment of the statuses of National Patrons and National Grand Patrons as well as

National Grand-Life Patrons on some people who have championed the cause of women and also impacted positively on women.

NICOWA, founded in 2009 as a mouthpiece for all cooperative women in Nigeria to promote sustainable economic development at grassroots, has over 400, 000 primaries member cooperative societies across the federation.

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