Source: Daily Trust
The Branch Controller Central Bank of Nigeria Bauchi Musa Ladan Muhammad has explained that out of N 220 billion Micro Small and Medium Enterprises Development Fund N132 billion have been earmarked to provide financial services to women.

Muhammad made the disclosure yesterday at Zaranda Hotel Bauchi during  a sensitization workshop for state Government, participants, financial Institutions and organised private sector, He  said that the program targeted over two billion SMMES over a ten year period,”considering the peculiar challenges faced by women in accessing financial services in the revised micro finance policy regulatory and supervisory framework in section 4.2 provides that women’s access to financial services should increase by 15 % annually in order to eliminate gender disparity”.

Ladan said, the fund has two objectives social and commercial, the social development fund shall constitute ten percent, grants five. Percent, interest draw back three percent while managing agents operation cost two percent and the commercial fund constitute ninety percent wholesale funding ninety percent of the commercial component and guarantees refinancing ten percent of the commercial component.    

 
He said  Central Bank believes that the MSMES is the key to economic advancement and wealth creation.
Controller explained that to ensure a sustainable economic development program, policies and guidelines have been designed in such that are all  factors and peculiar needs and requirement of stakeholders are noted and addressed.
Bauchi State Governor Malam Isa Yuguda represented by the State Commissioner for Cooperative and Poverty Alleviation Alhaji Isa Abdulkadir Wahu said that the condition for accessing the money should not be rigid but in such a way that everyone would access and suit the immediate environment.
He said already ten micro finance bank have been set aside for smooth implementation of the program  and easy accessing by prospective organization.

 

• Nigeria