Business
RIMA Beneficiaries To Enjoy Equity Fund, Other Loans
L-R: Director, Policy and Planning, Ministry of Roads and Highways, Ghana, Mr Godwin Brocke, Director General, National Agency for the Control of AIDS (NACA), Prof. John Idoko and Executive Secretary, Alco, Mr Edy Anthony, at the 2nd annual statutory meeting of Abidjan-Lagos Corridor Organisation Governing Board in Abuja last Monday.
Photo: NAN
The Managing Director/
Chief Executive of Rivers State Microfinance Agency (RIMA), Mr Innocent Iyalla Harry, has said that faithful beneficiaries of the agency’s loans would qualify for the state enterprise equity fund and other available loans.
RIMA Director revealed this in a chat with The Tide in his office in Port Harcourt, recently.
The Director said that RIMA is making effort to expand her scope through the assessment of counterpart fund from the office of the Special Assistant to the President on Millennium Development Goals.
He noted that the state would also contribute part of the counterpart fund, which will be made available to faithful co-operatives in the state.
Harry also noted that RIMA is also interfacing with the relevant sections of Central Bank of Nigeria (CBN) to access the state’s part of the N322 billion provided for the development of Small and Medium Enterprises (SMEs) in the country.
RIMA boss reiterated that the agency has the mandate to help small businesses grow into institutions, adding that this will only be possible if beneficiaries are faithful in repaying the loans.
On the feedback challenges, the Director warned against the use of questionable persons as co-operative members, adding that “co-operatives should be careful of the people they choose as members. RIMA will not give loans to individuals, so they should choose people they can police”.
He stated that RIMA only visits defaulters repeatedly, adding that 20% equity contribution left in the bank is part of micro-finance regulations, as no collateral is required for the loan which keeps increasing until the co-operatives grows into a medium business owners, where it could be referred to the equity fund.
The Deputy General Manager (DGM), Operations and Credit Mr Gbarayorks N. Albert, attributed the 89-94 per cent of RIMA loan recovery to robust monitoring structures of the agency, adding that “apart from the community banks, RIMA is the most successful.
“RIMA by virtue of the edit that set it up, is a permanent source of funding for the Rivers entrepreneurs whose business is expected to grow to the extent of being self sustenance”.
However the 17 communities visited so far include Abua, Ahoada, Bonny, Etche, Andoni, Eleme, Oyigbo, Khana, Gokana, Tai, Omuma.
Others are: Degema, Akuku Toru, Obio/Akpor, Phalga, Ikwerre and Opobo co-operative societies who jointly commended the government for remembering the poor.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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