Yobe Micro Finance Bank Limited initiated a business capital disbursement of N54 million to sellers of GSM phones, repairers and other small business owners in the state.
Informing reporters of the program Thursday in Damaturu, the bank’s chief executive, Dr Sheriff Muhammad Ibrahim, revealed that the capital was aimed at encouraging small businesses to grow and contribute to the state’s economy.
Dr Sheriff noted that the project was part of Governor Buni’s initiative to improve the performance of small businesses in the state.
He said the project was divided into three components; one of them was to empower around 200 GSM vendors and repairers with N24 million capital to inject into their business.
“Part of the capital is also intended to help civil servants, especially lower level ones, who may need food through our identified supplier and the money would be deducted from their monthly salaries in installments.
“The last part of the project is a support of 10 million naira aimed at helping vulnerable women and widows who are starting small businesses.”
He said the bank would study the first phase with a view to expanding it to other local government areas.
Malam Malami, the president of GSM marketers thanked the bank for the gesture on behalf of all the beneficiaries.