Source: Independent Newspaper Limited
Managing Director of the Rivers State Microfinance Agency (RIMA), Pastor Jonathan Tobin, announced that 1,387 businesses in Rivers State have received N800 million through the state’s microfinance credit scheme. Tobin revealed this during an address in Port Harcourt, highlighting the state government’s collaboration with the Bank of Industry (BoI) to impact lives and generate wealth within the state.
RIMA also reported 1,600 cases of impersonation among applicants, where individuals falsely claimed to represent other businesses to secure loans. Tobin noted that more women than men have benefited from the scheme, with 818 female applicants, accounting for 58.7% of the total beneficiaries, receiving loans valued at N469,495,760. He also mentioned that 13 people living with disabilities were among the recipients, collectively borrowing N5,005,000.
Tobin explained that the N4 billion partnership with BoI has been disbursed in four tranches, each valued at N200 million. Out of 4,000 applicants, 481 were approved for the first tranche, with 381 individuals benefiting. The second tranche saw 312 beneficiaries, while the third had 321. The fourth and latest tranche will benefit 340 businesses.
For larger loans exceeding N10 million, BoI has disbursed funds to eight applicants, totaling N119,888,000, with another 17 applicants soon to receive N217,444,858. Tobin expressed concern over the numerous fraudulent practices among applicants, including the use of someone else’s shop as their own, but assured that RIMA remains vigilant in ensuring that only deserving businesses benefit from the scheme.
He emphasized that RIMA has begun verification processes, conducting surprise visits to businesses to curb fraud and ensure the microcredit is used as intended. Tobin encouraged residents to take advantage of the loan opportunities and repay promptly as part of the governor’s economic development plan for the state.
