CBN encourages Bauchi women to apply for business loan

Central Bank of Nigeria (CBN) in Bauchi State has encouraged women in the state to apply for loans in the bank to set up businesses for self sustenance. Speaking on Monday during an orientation program for second phase of digital livelihood for young women and girls organized by Centre for Information Technology And Development (CITAD) held in Bauchi, a senior staff of the bank Shuaibu Baba Ahmed said the bank gives special consideration to women while giving loans. According to him, one of the loans being granted by the bank is Micro Enterprises Development Funds where a beneficiary can access up to N10 million and repay in seven years with five per cent interests. He added that applicants do not need to present any collaterals to qualify for the loans but should only introduce a traditional ruler or a clergyman in their areas as a guarantor. The bank further stated that it also grants agricultural loans to farmers under Anchor Borrowers’ Program saying the 2019 wet season farm inputs for rice farmers in the state will be launched by it on Tuesday. Earlier in his remarks, CITAD’s program officer Mohammed Chiroma explained that the idea behind the training was to teach women on how to use information communication technology to boost their businesses as well as equip them with business skills. He said the participants of the training were drawn from different parts of the state adding that the program would last for a period of one month.

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