Ecobank offers easy, low-interest loans to women in Idanre market
Ecobank Nigeria has provided easy, low-interest loans to women traders in Idanre, Ondo State, through its Ecobank Women’s Entrepreneurship Initiative (EFEI), to stimulate and expand their business activities. Unveiling the scheme at Owa Palace, Idanre, Head of Classic Bank, Ecobank Nigeria, Femi Ogundairo said the Ecobank Female Entrepreneurs’ Initiative Loan was specifically designed by the bank to financially empower women business owners and entrepreneurs in the country, adding that it was a further demonstration of the importance the bank attaches to the role of women in sustainable development and contribution to society and the national economy.
According to him, “the beneficiaries, who are expected to be women, will receive the sum of # 50,000.00 which will be repaid in six months in a monthly installment of # 8,500.00 which represents 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. 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.”
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 account opening, cash deposit and withdrawal, loan disbursement, fund transfer, bill payment, airtime. recharge among others. He noted that the bank branches would provide the many unemployed people in Idanre with employment opportunities that could subsequently turn them into not only gainful employment but ultimately employers of labour.
Speaking at the event, Owa of the Kingdom of Idanre and Supreme Ruler of the Land of Idanre, His Imperial Majesty, Oba (Dr.) Frederick Adegunle Aroloye, Arubiefin IV, (JP) OFR, hailed the decision of the bank to help market women in the city, emphasizing that “since the bank’s mission concerns the development and progress of the people, the palace will be ready to provide it with the support available and necessary to ensure its success in the land of Idanre”.
In her remarks at the event, Iyaloja General of Idanre Land and Vice President of Iyalojas and Babalojas of Nigeria, Princess Nike Aroloye Akingboye, thanked the bank for offering assistance to market women in the city of Idanre. ‘Idanre to develop their business, ensuring that ‘Idanre market women are credible people who would use the loans well and quickly fulfill all the necessary roles expected from the bank.
Many potential beneficiaries have started applying for the loan facility. While praising Ecobank for their help, he said the loan will help them improve their business.