RIMA Establishes Financial Institutions In LGAs

As part of measures to reach out to the enterprising poor populace in the  rural areas, the Rivers  State Microfinance Agency (RIMA), has set up Rural Financial Institutions (RFLS) in 21 local government areas of the State.

Managing Director of the Agency, Mr. Innocent  Iyalla Harry made the disclosure during a Business Summit organised  by the Men Ablaze of the Redemption  Ministries in Port Harcourt at the weekend.

He disclosed that currently  there are about 210 of the RFIs used as capacity unit in disbursing loans  to cooperatives, but said by September they will be increased to 350, with  15 in each of the local government area.

Mr. Harry explained that the RFIs were formed as an easy way to reachout to the rural populace, pointing out that the cooperatives will be monitored  by loan officers stationed in all the 23  local government  areas.

Already, he submitted that about 10,000 peoples have benefitted from the first phase of the loan disbursement but, however, said the RFls were set up empower cooperatives, since it’s easy to access and repay loan through such schemes.

In  the words of the RIMA boss, “we have N2 billion available to be loaned  to the citizens. The money is ready and we are ready and willing to give to legitimate business people, who are ready to invest and pay back”.

Commenting on plans to expand the cooperatives by September  year  to 15 per local government area, Mr. Harry remarked that, “by December this year the agency is targeting to empower 350 persons per local government area.

He therefore urged those who could not benefit in the first phase to aggregate themselves in cooperatives assuring them of another opportunity by September.

Responding to questions on why the loan is being restricted to indigenes alone, the RIMA boss hinted  that there are plans to amend that part of the law setting up the agency.

Mr. Harry argued that unless that part of the law was amended, it will be difficult to loan to non-indigenes, saying the Governor , Chibuike Amaechi had set up the body to encourage enterprising indigenes and curb poverty.

The RIMA boss thanked the Governor for setting up the new board  of the agency chaired by former Minister of State for Water  Resources, Chief Precious Ngalale emphasising that the four-man Board is  made up credible people capable of driving  government’s vision in empowering the populace.