Nigeria: Borno State Micro Finance Bank Disburses Loan To Small Scale Traders In Maiduguri

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By: Bukar Ali Mishemi, Maiduguri.

Borno state Micro Finance Bank which was established in the year 2015was to cushion the effect of Boko Haram insurgency.
This was disclosed to Dandal Kura Radio International in an exclusive interview by the Managing Director of the Bank Dr Belli Alhaji Ibrahim.

The Managing Director explained that the Bank currently is disbursing loan to small scale Traders at the Moday Market and acting as a mere custodian of the funds contributed by Bank of Industry and the State government.

On the other hand Dr Belli said the last exercise was a failure because the beneficiaries did not pay back the loan they took.
He also said that the Bank guaranteed the loan from Central Bank of Nigeria in the previous excise and this time around the various Associations are guarantors because they know who belongs to them.

He therefore called on all the beneficiaries to thank Professor Baba Gana Umara Zulum for waiving fifty percent of the principle amount and invest wisely so that others will benefit in future.

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