Fadama Farmers Micro Finance Bank in Nigeria!

The Fadama lll Project Coordinator in Plateau, Gideon Dandam has declared  that the main target of the Fadama Farmers Micro Finance Bank is to empower women and youths in the society. He made the disclosure in an interview with the News Agency of Nigeria (NAN) in Jos, the Plateau State Capital.

He stated that the bank aims to assist the poorest of the poor in the society, especially as the biting economic crunch continues.

Reports say the Fadama Bank, which commenced operations in December 2015, is the first of its kind to be established in Nigeria and second to Kenya in Africa.

The Coordinator explained that the bank already has over 8,000 depositors and has disbursed over N23 million as loan to farmers and petty traders at an interest rate of 3.5 per cent noting that the bank was established using over N60 million saved by our farmers because we encourage them to imbibe the culture of saving.

He added that the main target is to improve the economic fortunes of the poor in the Nigerian society, especially women and youths, stressing that women by nature are entrepreneurs while the youths are agile and venture into any business that can fetch them substantial income.

Dandam who said the bank have over 8,000 customers at the moment, reiterated that  though it is a bank owned by farmers, anybody can operate a bank account with the bank.

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