The Jaiz Bank PLC has launched a non-interest loan scheme of 200 million to the Micro Small and Medium Enterprises (MSMEs) in Kano State.
The scheme, which is in collaboration with the Nigerian Competitiveness project (NICOP), is to support the MSMEs undergarment and leather value chains with a soft loan that will help them boost their businesses.
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During the launching of the scheme, three cluster associations, each with over 1000 members including men and women, are selected which include Kano Leather Products and Allied Manufacturers Association (KALAPMA), Kano Garments Marketers Association and MADAFA Association.
The Regional Manager of the Bank in charge of North-West, Na’imatu Abdullahi said the program is targeted at empowering the micro-businesses in the garment and leather sector and also promote the economic development of the Kano State.
She said the program, which under the Jaiz Financial Inclusion Center trained the beneficiaries on various skills of business promotion by the German Cooperation and co-financed by the European Union (EU), who served as technical partners.
According to her “We are more concerned about poverty alleviation in this program. Our target is how many people will benefit and get change in their life because if you see the return of the previous programs we had in Katsina you will be surprised. Many people have returned the money and they moved on with the business.”
On his part, the commissioner of commerce, Barrister Ibrahim Mukhtar the support has come at a time when the state is battling with unemployed youth and that it will help the state government in reducing the unemployment challenges.
He said the Kano state government is welcoming any program that will boost and support the economic development of the state, noting that more of these programs are underway to save the state from economic challenges.
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At the end of the program, the three associations were issued cheques of N200 million for onward disbursement to the beneficiaries.