60 Million Nigerians Targeted for CBN Cooperative Credits Intervention Funds – Dr Abdalla
The agreement with Central Bank of Nigeria (CBN) is that cooperative society members should partner with a micro finance bank through their primary societies, in order to access intervention funds that will be made available very soon.
The Managing Director and Chief Executive Officer, MD/CEO Kajaura International Consults Ltd, Dr. Yakubu Abdalla, who disclosed this yesterday at a two-day summit on Credit Cooperative and Cooperative Credit Unions in Kaduna also said that even though he was yet to know the actual amount announced, the fund was targeted at 60 million Nigerians for the credit loans scheme.
He said, “We have well over a million applicants from different organizations all over the country, who are going through this particular registration process and taken to CBN. CBN has assured that these people are going to have their money. We’ve fulfilled the condition of the bank account, TYC and necessary condition for collateral, and CBN has indicated that they are going to fulfill their own part.”
The MD also noted that the federal civil servant service cooperative was going through the same process; adding, “I believe when we apply, CBN will have no alternative than to fulfill its own part. Remember, this fund is an intervention fund, not political fund; a fixed fund, and its being increased; so, not the fund that can be withdrawn tomorrow,” he said.
According to him, government, under President Buhari has made the commitment to enhance the fund, but stressed that the amount involved and date the fund would be released were yet unknown.
Dr. Yakubu, however, expressed hope that the fund would soon be released and disbursed to cooperative members that applied to CBN.
“That particular amount, we don’t know how much, but I know they have launched it and the money is going to be available and, very soon, we’ll start disbursing it to cooperative members that have applied to CBN through that particular Bottom-Up approach.”
The CEO said the two-day workshop participants were drawn from all the leaders of cooperative credit unions and credit cooperatives from across the federation.
Aside creating employment and wealth, the essence of the cooperative workshop is to train people on how to make use of the fund with the help of an international partner – Patience Zacharia of Kajaura International Consults Ltd.
According to Yakubu, the launching of the ATM and Cash Machine on Saturday would be witnessed by many people, including Traditional Rulers.