60 million Nigerians targeted for CBN’s CCIF

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60 million Nigerians targeted for CBN’s CCIF
By; Amos Mathew, Kaduna.
The agreement with Central Bank of Nigeria (CBN), is that cooperative society members should partner with a micro finance bank through their primary society in order to access intervention funds that will be made available very soon.
The Managing Director and Chief Executive Officer, Kajaura International Consults Ltd Dr. Yakubu Abdalla who disclosed this at a two day summit on Credit Cooperative and Cooperative Credit Unions in Kaduna also said that even though he was yet to know the actual amount announced,  the fund was targeted at 60 million Nigerians for the credit loans scheme.
He said “We have well over a million applicants from different organizations all over the country who are going through this particular registration process and taken to CBN. CBN has assured that these people are going to have their money. We’ve fulfilled the condition of the bank account, TYC and necessary condition for collateral and CBN has indicated that they are going to fulfill their own part.”
The MD also noted that the federal civil servant service cooperatives were going through the same process, adding that “I believed when we apply, CBN will have no alternative than to fulfill its own part. Remember this fund is an intervention funds not political fund, a fix fund and its being increased, so note the fund that can be withdrawn tomorrow” , he said.
According to him, government, under President Buhari has made the commitment to enhance the fund but stressed that the amount involved and date the fund would be released were yet unknown.
Dr. Yakubu however expressed the hope that the fund would soon be released and disbursed to cooperative members that applied to CBN, by them.
“The particular amount, we don’t know how much but I know they have launched it and the money is going to be available and very soon we’ll start disbursing it to cooperative members that have applied to CBN through that particular Bottom-Up approach”

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