Idanre market women welcome low interest loans from Ecobank
By Dipo Olowookere
Women traders in Idanre, Ondo State could not hide their joy at the disbursement of low interest loans by Ecobank Nigeria Limited as the credit facility will boost their businesses.
Business post gathered that beneficiaries will receive N50,000 to improve their small trades. Ecobank’s low-interest loans are expected to be repaid in six months with a monthly installment of N8,500, which represents an interest rate of 1%.
It has been learned that the easy and low interest loans have been disbursed to market women through the Ecobank Women’s Entrepreneurship Initiative (EFEI).
Unveiling the scheme at Owa Palace, Idanre, Head of Classical Banking at Ecobank Nigeria, Mr. Femi Ogundairo, said the initiative was specifically designed by the bank to financially empower women business owners and entrepreneurs in the country.
According to him, it was a further demonstration of the importance that the bank attaches to the role of women in sustainable development and contribution to society and the national economy.
“The beneficiaries, who are expected to be women, will receive the sum of N50,000, which will be repaid in six months in a monthly installment of N8,500, representing an interest rate of 1%.
“There are no hidden fees for the loans and recipients who repay regularly and on time can be rewarded with higher loan facilities,” Ogundairo said.
He added that as part of the EFEI, “the bank will also organize regular free training programs for women on how to manage their affairs better and manage their money and loans well.”
Mr. Ogundairo also took the opportunity to introduce the people to the banking branch of the bank, also known as Xpress Point, saying that it offers certain services on behalf of the bank such as the opening of account, cash deposit and withdrawal, loan disbursement, fund transfer, bill payment, airtime recharge among others.
According to him, the bank branch would provide the many unemployed people in Idanre with employment opportunities that could later turn them into not only gainful employment, but ultimately employers of labor.
Speaking at the event, Owa of Idanre Kingdom and Supreme Ruler of Idanre Land, Dr. Frederick Adegunle Aroloye, Arubiefin IV, hailed the lender’s decision to help market women in the town, pointing out that “since the mission of the bank confines to the development and progress of the people, the palace will be ready to provide it with the available and necessary support to ensure its success in the Land of Idanre.
In his remarks, General Iyaloja of Idanre Land and Deputy Chairman of Iyalojas and Babalojas of Nigeria, Princess Nike Aroloye Akingboye thanked the financial institution for offering assistance to market women in the city of Idanre to grow their business, assuring that “Idanre market women are credible people who would use loans well and quickly fulfill all necessary roles expected from the bank.”
Many potential beneficiaries have started applying for the loan facility, praising Ecobank for its assistance, saying it will help them improve their businesses.