‘How MEDA Recovered N30.3M Micro-Finance Loans in Ekiti Within
3 Weeks – Fasae
Director General, Microfinance and Enterprise Development
Agency (MEDA), Otunba Kayode Fasae said the Agency, through organized Microfinance
banks in Ekiti state, has recovered N30.3m from the Micro, Small and Medium Enterprises Development Fund
disbursed to businesses in the state.
Fasae said this during a meeting with representatives of
Microfinance banks in Ekiti State to discuss easy access of loans by
entrepreneurs and business owners.
The MEDA Boss said the meeting was held to formulate action
plans on tackling issues militating loans policy and access to adequate funding.
“This meeting is basically a follow up on our activities
with all Microfinance banks in Ekiti State. The state government is on the verge
of erasing direct disbursement of funds for enterprise development but rather
does that through the organized financial sector such as Central Bank of Nigeria
(CBN), financial banks, Microfinance institutions and the Bank of Industry that
will duly monitor disbursements, utilization and refund of loans.
“We are working assiduously to recover unpaid loans in the
state and so far, we have recovered N30.3 million out of the N1.5 billion Micro, Small
and Medium Enterprises (MSME) Development Fund. This will go a long way in
changing the narratives that our people don’t pay back loans in due time.
“This feat was top of my agenda when I assumed office and I
also ensure we re-established a healthy working relationship with the finance
sector of the state.
“Part of the function of this Agency is to oversee the
affair of Microfinance Institutions in Ekiti State and this meeting has given
us a new direction on enterprise development in the State. We want to continuously
develop ideas that will boost Small and Medium Scale Enterprises, micro
businesses and other forms of trades for a collective growth of the state’s
economy,” he said.
Stakeholders at the meeting include; EKReliable MFB, Amoye
MFB, Aramoko MFB, Consistent Trust MFB, Iyin-Ekiti MFB, Sunbeam MFB and officials
of MEDA.
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