The National Cooperative Financing Agency of Nigeria (CFAN), says it has initiated a N400m micro-credit scheme aimed at fighting poverty and hunger in the country.
Mr Emmanuel Atama, the Executive Director of CFAN, disclosed this at a news conference in Abuja on Thursday ahead of the 2019 International Cooperative Day billed for July 6.
Atama explained that under the scheme 10,000 families, including farmers and other actors in the agriculture value chain, would receive N40,000 each with a convenient repayment plan.
He told News Agency of Nigeria (NAN) that the association was organising the scheme in partnership with Sterling Bank, which was providing the facility.
“We want to ensure that this contributes to the Sustainable Development Goals (SDGs) as it concerns elimination of extreme hunger.
“By so doing, we are also creating jobs for farmers, those to farm along the programme line.
“After this programme, we will begin disbursement to our cooperatives who will consume, farmers who will farm, the processors, marketers, warehouses and several other activities that will happen within the agriculture value chain.
“We have about 10,000 families that are going to benefit and Sterling Bank has positioned this programme in a way that it provides the finances to get this done.”
Ms Aisha Ashafa, the Regional Business Head, Non-Interest Banking of Sterling Bank, gave more insight into the scheme, which she said would also ensure financial inclusion.
“We are partnering to ensure that people are financially included by ensuring that they are not only bankable, but also have access to all the benefits attached especially credit.
“We noticed that most of the members have challenges accessing credit through the banks, so we are trying to de-risk the banking sector to see people have easy access to credit.
“We are also financing home appliances, food, education, health, and so on at the micro level.
“They can enjoy our services through their cooperative backing,” Ashafa told NAN on the sidelines of the conference.
Mr Nuhu Muazu, Head, Development Finance Office, Central Bank of Nigeria (CBN), Abuja described cooperative societies as key drivers of social and economic development.
Muazu said cooperatives were a veritable tool used by the CBN to implement most of its programmes and schemes.
“CFAN being the umbrella body for all cooperatives is an effective way of reaching virtually all the cooperatives in the country hence the collaboration between CBN and CFAN.
“So, we reach most of these cooperatives through CFAN for execution of our programmes especially agro-allied, among others,” he said.
NAN reports that the theme of the 2019 International Cooperative Day, “COOPS 4 Decent Work’’, was aimed at emphasising human and social development in the workplace.
The day is an initiative of the International Cooperative Alliance observed on the first Saturday in July since 1923.
On Dec.16, 1992, the United Nations’ General Assembly proclaimed the first Saturday of July 1995 to be International Day of Cooperatives, marking the centenary of the establishment of the International Cooperative Alliance.
