Jaiz Bank PLC has introduced a 200 million non-interest loan program for MSMEs (micro, small, and medium-sized enterprises) in Kano State.
The program helps MSMEs in the leather and undergarment value chains expand their businesses by offering soft loans through its partnership with the Nigerian Competitiveness Project (NICOP).
Three cluster associations—Kano Garments Marketers Association, MADAFA Association, and Kano Leather Products and Allied Manufacturers Association (KALAPMA)—with a combined membership of over a thousand men and women will participate in the scheme’s launch.
According to Na’imatu Abdullahi, the Bank’s regional manager for North-West, the program aims to empower micro businesses in the leather and apparel industries and promote Kano State’s economic development.
She said that through the German Cooperation, the program, which was administered by the Jaiz Financial Inclusion Center and co-financed by the European Union (EU), which served as technical partners, taught the recipients various business promotion skills.
“With this program, we are more concerned with reducing poverty,” she stated. Helping as many people as we can and changing their lives are our main objectives. You’ll be surprised to hear that we’ve brought back some of our previous Katsina programs. Many have returned the funds and continued operating their businesses.
The commissioner of commerce, Barrister Ibrahim Mukhtar, claims that the support is appropriate given the state’s current youth unemployment issue and will help the state government address it.
The Kano state government, he said, supports and encourages any program that will further the state’s economic development and more of these initiatives are currently underway.
N200 million in cheques were given to the three associations after the program so that the beneficiaries could be reimbursed later.
