Kwara government approves interest free loans for petty traders

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Kwara government approves interest free loans for petty traders

Kwara government approves interest free loans for petty traders

By Demola Akinyemi – Ilorin

Kwara State Governor, AbdulRahman AbdulRazaq, has approved the disbursement of funds to 21,623 beneficiaries of the state’s interest-free micro-finance loans for petty traders

This scheme is a component of the Kwara State Social Investment Programme (KWASSIP).

According to the press statement issued by the governor’s Chief Press Secretary, Rafiu Ajakaye, on Thursday, operations of the first phase of disbursement will last for five weeks.

The disbursement comes after months of careful enumeration of the potential beneficiaries of the scheme.

The statement, which noted that beneficiaries of the loans cut across the 16 Kwara local governments of the state, said; “The disbursement of funds to the beneficiaries of Owo Isowo begins today. We are looking at disbursing to 21,623 persons for this phase.

“Due to COVID-19 and the need to maintain social distancing, we will be communicating venues to beneficiaries as we get to each local government.

“Owo Isowo is an interest-free loan of a minimum of N10,000. Beneficiaries are to pay back over six months in bits that are comfortable to them. It is to support our petty traders in upscaling their businesses.

“The processes began early this year. Some of our activities were affected by the COVID-19 lockdown but we are back on the track with disbursement for petty traders that applied as earlier announced.

“The issue of mixed identities does not arise. We have bankable data to guide us. Whoever was not captured or does not merit the funds cannot be given.”

The statement also said that disbursement will be made through digitised payments called mobile wallets.

It enjoined beneficiaries who have been contacted to come to the ground with their face masks.

Vanguard News Nigeria.

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Source: Vanguard News.

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