The Sokoto state government has disbursed one billion naira interest free loan to traders in the state under the Traders loan scheme.
Governor Aminu waziri Tambuwall flagged off the disbursement at the commissioning of Giginya Microfinance Bank in Sokoto State.
According to him, the loan scheme is for small and medium scale enterprises and business community across the state
He said a total of not less than five thousand people would benefit from the loan scheme which is to be paid in two years with thirty percent earmarked for women.
The Governor added that the Giginya Microfinance Bank is first indigenous Bank established by his administration and licensed by the central bank of Nigeria.
“The bank is committed to the social and economic empowerment of low income earners through provision of Access to responsive financial services,” the Governor said.
Tambuwal therefore explained that the bank has also incorporated Islamic banking window to provide various services of Islamic sharia such as Mudaraba, Murabaha, Salam, Ijara and Istisna.
Governor Tambuwal further said that the bank has adopted two years strategic plan to further bolster it’s funding base and branch network by establishing a branch in each of the 3 senatorial zones and other locations in the State.
The Commissioner of Commerce, Trade and Investment, Mr Bashir Gidado, said the bank was established to provide soft and interest free loan to small and medium enterprises to boost economic activities in the State.
Mr Gidado added that Governor Tambuwal approved the sum of one billion naira to five hundred new accounts in the bank in partnership with bank of Industry.
The Commissioner thanked the Governor for the gesture, but urged the beneficiaries to use the fund judiciously to promote business environment in the State.
Also in his remarks, the Board Chairman of the Bank, Mr Sambo Bashar, commended the Governor for the opportunity given to them to run the affairs of the Bank.
Mr Bashar described the establishment of the bank as timely, and would assist small scale businesses in the State.
The event was attended by the Sultan of Sokoto, Alhaji Sa’ad Abubakar the III, who was represented by Waziri of Sokoto Professor Sambo Junaidu, Commissioners, Market Women Association, Politicians among others.