KUMUYA – Women in Action, a group interested in savings and loans, based in Kumuya, Nasarawa State, has advised the Rural Financial Institution Building programme (RUFIN) to establish banks in the rural areas.
The President of the group, Hajia Raykia Awoje, gave the advice on Thursday in Kumuya in Nasarawa Local Government Area of Nasarawa State, while speaking with the News Agency of Nigeria (NAN).
Awoje, who spoke on the sidelines of the 8th Supervision Mission of the programme, said this would help to reduce the high interest rates charged by other banks in the area.
RUFIN is being implemented in 12 states across the six geo-political zones, with two from each zone.
The programme enjoys financial assistance from the International Fund for Agricultural Development (IFAD), a UN agency.
It is being implemented over a seven-year period and specifically targets marginalised groups such as women, young people and those with physical disabilities.
The objective of this programme is to strengthen micro finance institutions and establish linkages between them and formal financial institutions.
It lays the foundation for the long-term development of a sustainable rural financial system that would eventually operate throughout the country.
By reaching out to the poor rural people, the programme ensures that they gain access to financial services and can invest in improving productivity in agriculture and small businesses.
Awoje said the profit that would be generated from the proposed RUFIN bank would further make credit available for the development of the rural areas.
“Instead of going to other banks that would charge us high interest rate, let RUFIN open an account so that the business would go directly to the programme,” she said.
Awoje commended RUFIN for building the capacity of members of the group in the culture in group savings and loans, adding that this had helped to develop the economic status of group.
In a separate interview, Mrs Alice Audu, the President of Aynayeji Women Group based in Zanga community of Nasarawa state, urged RUFIN to increase its sensitisation programme to the populace.
She stated that this would enable more rural people to key into the programme in order to improve their economic status. (NAN)