Sokoto establishes Micro-Finance Bank, disburses N1bn Loan
Sokoto state government has disbursed an interest-free loan of N1 billion to traders and artisans in the state.The disbursement was done at the flag-off of the state micro finance bank in its effort to improve the lives of the citizenry and accelerate socio-economic development.
Gov. Aminu Waziri Tambuwal of Sokoto state who flagged off the operations of the Giginya Micro-Finance Bank in Sokoto yesterday, stated that the loan is going to be revolving and will be paid back on monthly installments in two years for others to benefit. Giginya Micro-Finance Bank is the first indigenous bank in Sokoto state licensed by the Central Bank of Nigeria (CBN).
Tambuwal also assured that the state government is poised to grow the financial base by sourcing for N2 billion from the CBN, to support traders and those at the micro, small and medium level of the economy. The bank, according to him, will also key into the Islamic banking window to provide various services of Islamic Sharia allowable banking transaction such as Mudaraba, Murabaha, Salam, Ijara and Istisna. He promised that other empowerment programmes for different groups of businesses would also be implemented.
Commissioner of Commerce and Industries, Bashir Gidado thanked Tambuwal for initiating the facility saying that the loans will stimulate commercial activities in the state. Representative of the Sultan of Sokoto, Sambo Wali Junaidu, Wazirin Sokoto, while noting that the micro finance bank is a step toward the economic development of the state, requested that 50 percent of the beneficiaries should benefit women.
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