Financial News|

On Friday the 21st of February Sokoto State Government disbursed interest-free loans worth N1 billion to traders and artisans in the state.

The disbursement of the loan was done at the inauguration of the state micro finance bank in its effort to improve the lives of the citizenry and accelerate socio-economic development.

Sokoto State Governor, Alhaji Aminu Waziri Tambuwal, who flagged off the operations of the Giginya Micro-Finance Bank in Sokoto yesterday, stated that “the loan is going to be revolving in nature and will be paid back on monthly installments in two years for others to benefit.”

Giginya Micro-Finance Bank is the first indigenous bank in Sokoto State licensed by the Central Bank of Nigeria (CBN).

Tambuwal also assured that the state government is poised to grow the bank’s financial base by sourcing N2 billion from the CBN, “to support our traders and all those at the micro, small and medium level of the economy.”

Moreso, “the bank,” added the governor, “is planning to grow its deposit base from major stakeholders- contractors, state government, parastatals, agencies and placement from individuals and corporate bodies.”

The bank, according to him, will also key into the Islamic banking window to provide various services of Islamic Sharia allowable banking transaction such as Mudaraba, Murabaha, Salam, Ijara and Istisna.

The governor emphasised that his administration, is “ready to continuously empower traders and artisans to make their lives easier through provision of non-interest soft loans for their various businesses.”

He promised that other empowerment programmes for different groups of businesses would also be implemented.

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