2014 Holds Prospects For Micro-Finance Industry -RIMA

With reference to the expected financial operations of Rivers State Microfinance Agency (RIMA) in the year 2014, the Managing Director/Chief Executive officer (MD/CEO) of the agency, Mr. Innocent Iyalla  Harry has reiterated that the year would be exciting for microfinance industry and RIMA.
RIMA Managing Director who made this known in a chat with The Tide in Port Harcourt, said that the agency by virtue of the training received from the United Nation Development Programme (UNDP), would be in a better position to fine tune her operations in 2014.
Harry noted that the state would also benefit from the eight country programme of UNDP within the year, adding that there will be no dull moment for RIMA in 2014.
“With the release of N220 billion by the Central Bank of Nigeria (CBN), and the lifting of embargo on the microfinance banks, the industry would be busy this year”, he said.
He also noted that RIMA targets to raise repayment factor of her operations in 2014 to 95 per cent, saying that “RIMA would lend to only those who have businesses and are ready for business”.
The MD however expressed worry over the level of repayment in the urban areas added in 2013, noting that, “rival area respond to repayment than Port Harcourt and Obio/Akpor. In 2014, we will fine tune”.
RIMA boss said that the agency would continue to create jobs in the state and empower people to fulfil their dreams.
It would be recalled that RIMA by the end of 2013 had empowered 9,666 enterpreneurs across the 23 local government Areas of the state.
The agency added 280 co-operative in Port Harcourt 1 and 266 co-operatives in Port Harcourt 11, while Obio/Akpor 1 and 11 had 266 and 252 co-operatives respectively.
With the N2 billion due for each state in the federation from the N220 billion from CBN, the MD said that more entrepreneurs would be empowered.

Obelema Briggs