Kwara State Governor AbdulRahman AbdulRazaq has approved the disbursement of funds to 21,623 beneficiaries of the state’s interest-free micro-finance loans for petty traders, a component of the Kwara State Social Investment Programme, a statement said on Thursday.
The operations of the first phase of disbursement will last for five weeks.
The disbursement comes after months of careful enumeration of the potential beneficiaries of the scheme, according to the statement signed by the Chief Press Secretary to the Governor, Rafiu Ajakaye.
The statement quoted the anchor of the programme, Mohammed Brimah, as saying that beneficiaries cut across the 16 local governments of the state.
“The disbursement of funds to the beneficiaries of Owo Isowo begins today. We are looking at disbursing to 21,623 persons for this phase. Due to COVID-19 and the need to maintain social distancing, we will be communicating venues to beneficiaries as we get to each local government,” the statement quoted Brimah as saying.
“Owo Isowo is an interest-free loan of a minimum of N10,000. Beneficiaries are to pay back over six months in bits that are comfortable to them. It is to support our petty traders in upscaling their businesses.
“The processes began early this year. Some of our activities were affected by the COVID-19 lockdown but we are back on the track with disbursement for petty traders that applied as earlier announced. The issue of mixed identities does not arise. We have bankable data to guide us. Whoever was not captured or does not merit the funds cannot be given.”
The statement said disbursement will be made through digitised payments called mobile wallets.
It enjoined beneficiaries who have been contacted to come to the ground with their face masks.