Kwara State Government on Tuesday announced that about 21,623 petty traders in the state would benefit from the state’s interest free micro-finance loans under the Kwara State Social Investment Programme (KWASSIP).
To ensure that the loans get to the beneficiaries promptly, the state governor, Alhaji AbdulRahman AbdulRazaq had approved the immediate disbursement.
The Chief Press Secretary to the governor, Mr. Rafiu Ajakaye, in a statement hinted that the first phase of the disbursements would last for five weeks, “after months of careful enumeration of the potential beneficiaries of the scheme.”
He assured that the disbursement of interest-free loans to the beneficiaries cuts across the 16 local government councils of the state.
Ajakaye further clarified: “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.
“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 up scaling 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”, he added.
