By Bashir Hassan Abubakar
In a renewed effort to further strengthen the capacity of microfinance cooperative societies across Bauchi State to access soft loans from financial institutions, Bauchi State Government, through the State Agency for Sustainable Microfinance has signed an MoU with the Global Affairs Canada funded MEDA Nigeria Way Program, on areas of technical support, training and mentoring of such cooperatives in the State.
Speaking shortly before the signing of the MoU, held at the State Ministry of Budget and Planning, the Commissioner in the Ministry, Aminu Hammayo said the MoU between the Agency and MEDA will strengthen the capacity of microfinance cooperatives and further boost the economic status of members of such cooperatives.
The Commissioner, who was represented by the Permanent Secretary of the Ministry, Alhaji Idris Sale Giade further said that the collaboration between MEDA and the Microfinance Agency will harmonised the reaching out of the targeted groups that are microfinance based.
The commissioner thanked MEDA Nigeria WAY program for supporting the state and also assured them of the readiness of the ministry to ensure successful implementation of the agreement reached in the MoU.
Giving an overview of the Microfinance Institutions Building for Poverty Reduction Program (MIFIN), the Director General of the Bauchi State Agency for Sustainable Microfinance Alhaji Nura Muhammad Danmadami {DanMutawallin Katagum) said the Agency, with approval from Governor Bala Mohammed, designed the program with the overall objective of strengthening the capacity of microfinance based cooperative societies, which is aimed at exposing them on the opportunities being offered by Financial Institutions to enhance their businesses and thereby reducing poverty in communities.
The DG said MEDA Nigeria Way Project had been involved in mentoring cooperative societies in some selected communities and have garnered enough experience that the Agency can tap from.
“We will learn from MEDA, upscale and replicate same in all the nooks and crannies of the State. We believe such mentoring and trainings will improve the economic status of the most vulnerable target groups in our communities.
“We are eager and ready to partner with MEDA and learn from their outstanding successes in the implementation of the MIFIN program in the State”, said the DG.
Also speaking, the MEDA Nigeria Way Project Manager, Grace Forseng said the partnership contained in the MoU is inline with the sustainability plan of MEDA.
Forseng expressed her optimism that MIFIN, being a Government designed program will ensure ownership of what MEDA started.
She also commended Governor Bala Abdulkadir Mohammed for graciously approving the MIFIN program in the State.
“It is worthy to note that since the commencement of MEDA Nigeria Way Project in Bauchi State, the community based associations we trained and mentored have a generated pool of funds to the tune of 217 Million Naira that is being recycled among them. This is indeed, heart warming”, Forseng said.
Our correspondent reports that representatives from relevant MDAs witnessed the signing of the MoU.