By Bashir Hassan Abubakar
Towards fulfilling part of an agreement reached between Global Affairs Canada funded project titled, ‘MEDA Nigeria WAY Project’ and the Bauchi State Agency for Sustainable Microfinance captured in an MoU signed in March 2022, the project has commenced the training of 100 community based cooperative societies to be mainstream into the Agency’s Microfinance Institutions Building for Poverty Reduction (MIFIN) Program.
Addressing the trainees at the Professor Iya Abubakar Community Resource Centre (CRC) Bauchi on Tuesday, the Director General of the State Agency for Sustainable Microfinance, Alhaji Nura Muhammad Dan’madami informed the participants that the training, which is being facilitated by MEDA Nigeria WAY Project, was to further equip them on how to form a registered cooperative societies within their communities in order to access interests free loans of up-to N250, 000.00, to be shared among members.
This according to him, is done with a view to strengthen their capital base for their small businesses and vocations.
The DG said that for a start, under the MIFIN program, the Agency will facilitate interest free loans from microfinance institutions for the cooperative societies that engages in small businesses like Akara, Zobo drinks, Cooking condiments, Vegetables etc and eventually build on a much higher level of loans that may target medium scale businesses.
Dan’madami disclosed that part of the Agency’s criteria for accessing such loans is that every member of the Cooperative must be engaged in one form of petty business or another.
While commending MEDA for fulfilling part of the MoU signed between them, the DG said that the administration of Governor Bala Mohammed is very much committed in the implementation of the Agency’s programs.
“His Excellency Governor Bala Mohammed is keen in improving the welfare of Bauchi State citizens. It is because of this reason that he mandated us, at the Agency, to explore all available avenues, with a view to enhancing the economic status of our people. The Agency is enjoying the good will and support of our Governor in that direction”, said Dan’madami.
He implore the participants to pay attention to all that they will be taught which, according to him, will equip them for their future collaboration with the Agency.
Speaking to our correspondent, Value Chain Manager, MEDA Nigeria WAY Project, Stephanie Wealth Ekanem said MEDA is excited with the interest on community based cooperative societies which is demonstrated by the state government through the State Agency for Sustainable Microfinance.
She said the objective of the training was to further strengthen the capacity of the participants to enable them benefit from the Agency’s MIFIN Program.
Ekanem said that over the years MEDA had built the capacity of some community based cooperative societies in value chain management that focuses on rice, soybeans and groundnuts production.
“It is gladdening to note that what MEDA started in some selected LGAs of Bauchi State with regards to cooperative societies will not only be sustained but will even be upscale to all the LGAs of the state through the Agency. We are happy with the collaboration”, said Ekanem.
Our correspondent reports that the presence of the DG of the Agency afforded some participants to ask questions regarding the MIFIN Program, which were adequately answered by the DG.