Over 1,387 businesses in Rivers State have received a significant financial boost through a microfinance credit scheme, with a total disbursement of N800 million. The initiative, managed by the Rivers State Microfinance Agency (RIMA) in collaboration with the Bank of Industry (BoI), aims to uplift small and medium-sized enterprises (SMEs) and create wealth across the state.
Pastor Jonathan Tobin, Managing Director of RIMA, disclosed that the microfinance scheme has seen substantial success, particularly among female entrepreneurs and individuals living with disabilities. Out of the total beneficiaries, 818 are women, accounting for 58.7% of the disbursed funds, which amount to N469.5 million. Additionally, 13 people with disabilities have accessed N5 million from the scheme.
Tobin highlighted that the initiative has progressed through four tranches of funding, each involving the disbursement of N200 million. The BoI, responsible for vetting the applicants, ensures due diligence before releasing funds. So far, 1,387 businesses have benefited across the four tranches.
However, the scheme has not been without challenges. Tobin noted that RIMA has encountered 1,600 cases of impersonation, where applicants attempted to claim loans using other people’s business identities. To combat such fraudulent activities, RIMA has implemented stringent verification processes, including unexpected visits to businesses.
Looking ahead, the scheme continues to support businesses seeking larger loans. Tobin revealed that BoI has already disbursed N119.8 million to eight customers, with another 17 applicants set to receive N217.4 million shortly.
Pastor Jonathan Tobin urged the people of Rivers State to take advantage of the microfinance credit scheme and ensure timely repayment, as this initiative plays a crucial role in supporting local businesses and fostering economic growth in the state.
