Ondo Govt partners MFBs on Job creation

Ondo State Government, has entered into partnership with some micro finance banks with a view to creating jobs for the people of the state through loan facilities.

Mr Robert Omogbeminiyi, the Chairman of the Ondo State Micro Credit Agency (OSMA), who made this known at a meeting with the National Association of Micro Finance Banks (NAMB) in Akure, the state capital noted that financial resources was vital to job creation.

Omogbeminiyi, who is also a Senior Special Assistant (SSA) to the State Governor on Micro Credit, Small and Medium Enterprises, said the best way to create job is to give financial empowerment to artisans, youths and people, who are enterprising, so that 90 per cent of the loan will meet its targets.

The involvement of micro finance banks, according to him, would secure the loans as well as give beneficiaries access to professional advice on their businesses.

“Henceforth, before we give loan, such applicant must convince us on his business targets and in collaboration with micro finance banks; there will be monitoring and evaluation team on regular basis.

“If you pay within one year, you are entitled to an increase of 100 per cent,” he said.

Earlier, Mr Joshua Folayemi, the General Manger of OSMA, noted that the agency’s statutory function was to assist those with good business initiatives but lacked the wherewithal to execute their plans.

Mr Mascot Ohizemokhai, Chairman of National Association of Micro Finance Banks, Ondo State chapter, said that the collaboration would fathom the way forward for micro credit effectiveness.