A philanthropic organisation, known as Gobir Foundation with intent to promote intra group development and cohesion among women in the state, has upgraded it micro credit scheme to a community cooperative loan system.
According to the organisation, it said the development became necessary in order to ease lending formalities.
Recall that the non-partisan organisation had in September, 2019 earmarked 250 million Naira for the micro credit loan project and started disbursement of the interest-free and collateral-free loans to women.
The project which started with 500 women, has since captured over 20,000 women in Kwara State in the last one year.
Most of the beneficiaries have commended the initiative, expressing joy that the loans contributed immensely to their businesses and have cushioned the negative effects of COVID-19 pandemic on their businesses.
In a bid to make the programme more impactful and sustainable, the Gobir Organization Foundation has improved on the scheme and relaunched it as a community cooperative loan, which will run in cycles starting from N10,000 to N50,000 per beneficiary. Furthermore, the scheme has been enriched through the introduction of a savings scheme to encourage savings culture for self-reliance. This gives beneficiaries the opportunity to save as they repay their loans, similar to the local savings system popularly known as ‘Ajo’.
The Foundation is confident that this new phase of the empowerment programme would bring more relief and benefit to all beneficiaries and encourage intra-group development, solidarity and entrench a savings habit among beneficiaries.
The Foundation has announced the commencement of another phase of registration for intending beneficiaries and already existing community cooperative groups or trade associations, noting that the the Foundation can be contacted through the following details: 09081249929 or visit www.gobir.org.
