IIMGC Micro-Credit Empowerment Program

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Mustapha A.Tsoho
Project Coordinator June 2015

IIMGC began the Initiative for the Economic Empowerment of Women Entrepreneurs, farmers and traders Project (IEEWEFTP). The goal of the project was to increase women income and participation in economy and inclusion of women voices in Nigeria. IIMGC defends human rights and has implemented various programs that have led to the health improvement and poverty reduction of several women and the underprivileged members of the society. These included the elderly, the disabled, youths, widows, unemployed and other marginalized members of the community.

IIMGC micro-credit loan was initiated to help underprivileged women improve their livelihood.

The minimum amount the bank could offer was N50, 000 (Fifty Thousand Naira) and the maximum of N300, 000 (Three Hundred Thousand Naira) with a repayment period of 6 months. Two types of account were opened to all interested members who has business that need fund for expansion individual and group account. The group account signatory shall be the Chairman, Secretary and treasurer.

An IIMGC group account was opened and about 10 people were disbursed about of N2, 500, 000 (Two Million Five Hundred Naira) already after the bank officials, in conjunction with IIMGC officers, conducted their due diligence. Some of the beneficiaries are:

Name                                    Amount

  1. Mrs Chinasa Oko Ihere      N200,000
  2. Mr Amos Ahiaba                  N300,000
  3. Blessing Aburime                N150,000
  4. Caroline Mgbenkemdi       N150,000
  5. Chioma Nwaokoro              N150,000
  6. Star Nwazurike                    N120,000
  7. Chika Collins                        N150,000
  8. Isaia Edibo                           N150,000
  9. Emmanuel Anorue             N200,000

The beneficiaries are classified into market women, petty traders and farmers groups. The disbursement to the first group have started paying back according to the structured process as well as the weekly repayments from the beneficiaries from each group which has commenced in earnest. Due to the stringent assessment of risks and challenges IIMGC advised on the options of paying back into various outlets from different places making transactions easier to monitor and manage. A visible Considerably visible and substantial financial growth as well as boost of confidence amongst the beneficiaries as they inch more towards financial independence and inclusion away from abject poverty, deprivation, abuse, low self-esteem.

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