By Gbenga Sodeinde in Ado Ekiti
The Wife of the Governor of Ekiti state, Prof. Mrs. Olayemi Oyebanji has emphasized that the Ekiti State Government/ Access Bank Women Initiative Loan Program was meant to be repaid and not a National Cake.
The first Lady made the clarification during the unveiling of the One Billion Naira Cheque / official Launch of Ekiti State Government/ Access Bank Women Initiative Loan Program for women entrepreneurs in the state.
She explained that this was part of Governor Biodun Oyebanji’s ‘financial inclusion programmes for women’ which holds an even important significance adding that when women have access to financial services, it leads to increase mainly on health, eduction, nutritious food and personal development.
“This in turns result in empowerment and transformation within that community. Success of women has ripple effect that extend beyond their immediate family to their communities and society at large. Recognizing this, the government at all levels have come to understand the critical roles women play in the social economic development of our society”.
She emphasized, “I appealed to the beneficiaries not to view the loans provided as their share of National cake, it is your working capital, please, see it as such.
“I want to advise women who will benefit from this initiative, the government has greatly and graciously subsidized the interest rate, which ordinarily would have been a burden to unbox as well as commission to access the fund.
“These funds are to be used as catalyst for your growth and development by responsibly managing and repaying your loans on time to enable other women to benefit from the same opportunities.
“Let’s not default,you know some people stand as guarantors for us so that they will not be troubling them.
“Furthermore, the repayment of the loan open the door for you to access additional funding to further invest on your business.
She added that financial inclusion for women holds an even important significance saying when women have access to financial services, it leads to increase mainly on health, eduction, nutritious food and personal development.
‘This in turns result in empowerment and transformation within that community. Success of women has ripple effect that extend beyond their immediate family to their communities and society at large. Recognizing this, the government at all levels have come to understand the critical roles women play in the social economic development of our society.
Speaking earlier while unavailing the Programme, the Deputy Governor of Ekiti, Chief (Mrs) Mrs. Monisade Afuye said the initiative was part of government efforts to ensure the progress of small scale business owners and for the prosperity and wealth of Ekiti to come to everyone.
She added, “It is to provide access to working capital through low interest loan for women that are business entrepreneurs for the promotion and the economic growth of our state.
“It is also to one of the plans being put in place by the state government to realise a change in the state economy from the public sector to the private sector of the economy. A lot of motivation capable of protecting investment and entrepreneurs as well as ensuring good returns from their investment are being put in place”.
The deputy governor, therefore advised the beneficiaries of the initiative to make sure that the money is used for the purpose the loan is meant for.
“Don’t see the loan as your share of the national cake, the state government has helped to subsidized the loan interest by paying 25 percent of the total interest rate.Go and trade with the money, it is not for partying”.
Earlier in her welcome address, the state commissioner for Trade, Industry, Investment and Cooperatives, Mrs Omotayo Adeola said the loans are in three categories: micro enterprise startup loan, micro enterprise loan and small and medium enterprises.
The beneficiaries according to her can access up to N250,000, N500,000 and N2,000,000 in the first, second and third categories respectively with 10% interest rate per annum .
In his remarks, the Managing Director, Access Bank PLC, Mr Roosevelt Ogbonna was represented by the Regional State Director, Mr Bolaji Aboderin said they are the only financial bank that is into this initiative in the country.
“At Access Bank, we believe that women are the foundation of our society and the driving force for economic growth”.