EkoConnect.net

Traders Benefit from Rotary’s Micro-finance Scheme

Twenty-five traders, both men and women,  have benefited from a micro-credit scheme of the Rotary Club of Ikeja, District 9110, as part of its Community Development Initiative Programme (CDIP).

Presenting the cheques of N25, 000 each to the 25 beneficiaries from the Obada market in Isolo, the club’s President, Mr. Tosin Kadiri, said one of the ways to help develop a society was by empowering women.

The initiative, he explained, followed the challenges faced in raising credit from financial institutions, including the high interest rate, which the petty trader cannot afford.

Kadiri said the scheme, which is a revolving loan with zero per cent interest, would be repaid after three months.

“This micro credit is a way of helping these traders, and that the multiplier effect will eventually enhance the value of their family.”

The programme, which started five years ago, Kadiri said, would be sustained because of its impact on the society, and especially because the traders had shown a high level of cooperation by their prompt repayment of the credit facility.

The Iyaloja of Obada market, Alhaja Wosilat Yusuf, one of the beneficiaries, thanked the club for the gesture, assuring it that the money would be used judiciously.

 

 

Source: The Nation Nigeria

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x