Ekiti State Government, through the Ministry of Trade, Industry, Investment and Cooperatives, in partnership with Bosak Microfinance Bank, has launched the EKSG-BOSAK MFB 1Billion Naira Micro Credit Fund to support Micro, Small and Medium Enterprises (MSMEs) across the State.

Speaking during the launching ceremony in Ado-Ekiti, the Ekiti State Governor, Mr. Biodun Oyebanji emphasized the importance of empowering small businesses, noting that the initiative started in 2021 with the pilot programme runned by the State Government and Bosak Microfinance Bank.

“This initiative is designed to help traders grow their businesses and create opportunities for young people to gain employment. When businesses grow, they hire more people and that is how our communities develop,” the Governor stated.

Governor Biodun Oyebanji who was represented by the Commissioner for Finance, Mr. Akin Oyebode commended the beneficiaries for their prompt loan repayments and revealed that his administration had injected an additional N500 Million into the fund, bringing the total to N1 Billion.

He noted that the programme includes embedded education loans and health insurance benefits to enhance beneficiaries’ quality of life.

“This is not a state government loan, the funds are managed by the bank with the government subsidizing the interest rate to make it affordable,” Oyebanji clarified.

In her welcome address, the Commissioner for Trade, Industry, Investment and Cooperatives, Mrs. Omotayo Adeola, highlighted the programme’s success since its pilot phase began two years ago, adding that the fund initially started with a smaller allocation before being scaled up due to its impact on market women and traders.

“The traders have performed creditably well by paying back their loans as and when due. Mr. Governor was impressed with their performances and approved an additional N500 million, making it N1 Billion,” Adeola said.

The State Commissioner praised the Governor’s efforts in fostering business growth through access to low-interest loans, saying “this initiative is aimed at empowering entrepreneurs, boosting economic growth and reducing unemployment”.

The Group Chief Executive Officer of Bosak Holdings, Mr. Kolade Bello, applauded the State Government’s commitment to poverty alleviation through the programme.

“A poor person is often poor due to a lack of opportunities, this initiative provides the support they need to scale their businesses, earn more income and improve their family’s well-being. It’s a practical credit programme that holds their hand and helps lift them out of poverty,” the GCEO noted.

Explaining the loan structure, Bello stated that beneficiaries are organized into groups with shared responsibilities, fostering accountability and encouraging prompt repayments.

In their separate goodwill messages, the Chairman, House Committee on Investment, Hon. Tope Longe, the State Commissioner for Information, Rt. Hon. Taiwo Olatunbosun, the State Commissioner for Budget, Economic Planning and Performance Management, Mr. Oyeniyi Adebayo and the Commissioner for Women Affairs and Social Development, Mrs. Peju Babafemi commended the government’s commitment to subsidizing the loan, making it accessible to traders at low interest rates.

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They urged beneficiaries to maximize the opportunity and repay their loans on time to remain eligible for future funding.

In their responses, the beneficiaries expressed gratitude to the State Government for the initiative, noting that the loans had significantly boosted their businesses and that the low interest rates made repayment easy.

Present at the event were the Special Adviser to Mr. Governor on Tertiary Education, Prof. Akerm Azeez, the Special Adviser, Office of Transformation and Service Delivery, Dr. John Ekundayo, acting Director-General, Ekiti State Micro Enterprises Development Agency (MEDA), Mr. Kehinde Olatoye, Permanent Secretary, Ministry of Trade, Industry, Investment and Cooperatives, Mr. Dele Ogunsemoyin who was represented by the Director of Cooperatives, Mr. Dayo Falua and other top government officials.