Home Business MFB says beneficiaries must meet criteria before accessing N100m loan

MFB says beneficiaries must meet criteria before accessing N100m loan


Abuja- The Managing Director, Future Micro Finance Bank, Abuja, Mrs Frances Bekey, on Thursday urged women in cooperatives to meet the requirements for accessing loans to improve their businesses.

Bekey said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

She said the bank would release N100 million to the Nigeria Cooperative Women Alliance (NICOWA) to assist them empower women in their small businesses.

According to Bekey, the funds were not for free and for anyone to benefit, she must meet all the necessary requirements that were placed.

“ Before the funds can be accessed, the beneficiary must meet all the required criteria.

“ We are going to take the details of these women today and they are going to go back and do the necessary things and qualify.

“ We are setting aside N100 million to give to the president of NICOWA for her group and everyone here is going to register and meet the requirement.

“ The project must be bankable; we must be able to establish that the project will be able to pay itself and it must be in line with CBN regulations before we disburse,’’ Bekey said.

Bekey explained that the amount of money given to each group would depend on the nature of projects they were embarking on.

“ Somebody who is doing fishery business cannot get the same amount as the group that is doing hair salon.

“ So the amount of money to be given depends on the project to be carried out and we would give the bulk sum to NICOWA today,’’ she said.

Also speaking to NAN, the National Coordinator, Widow Wing of NICOWA, Mrs Angel Okpon, urged the women to utilise the fund they would collect judiciously.

“ Some of these women thought they have been abandoned but I thank God for the National President who has been able to bring the women together to give them hope.

“ The women are so happy to be here and the fund will help them cater for their children and their family.

“ I want to urge them to ensure that whatever they are going to do with the money, they should be dedicated to it; they should use the money judiciously.

“I believe that with the help of the loan they will be given today, they will expand their businesses and take care of their families,’’ Okpon said.(NAN)

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