The chief executive and managing director of Credit Direct Limited, a subsidiary of FCMB Plc, Akinwande Ademosu, has disclosed that about N120 billion loans from the firm have been disbursed to about 1.3 million civil servants in 26 states and federal civil service in the country.
He stated this yesterday at the signing of the Memorandum of Understanding (MoU) between the firm and Katsina State Government on the implementation of the “special unsecured payroll loans” to civil servants in Katsina.
“We are a regulated and fully registered and tested organisation by the Central Bank of Nigeria (CBN). And we stand in the position as the biggest financial institution in other services sector in Nigeria. With the partnership we are starting today, the civil service and governance will see the impact immediately in the lives of its staff,” Ademosu stated.
According to him, the loans could be accessed easily to settle medical bills, school fees or start micro and small enterprises by civil servants.
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Speaking shortly after signing the MoU on behalf of the state government, Alhaji Garba Sanda Mani, Head of Civil Service of the state, said the programme couldn’t have come at a better time under the current economic situation in the country.
“We are going to make sure that only those who are capable of repaying the loans will access it and appropriate measures will taken to ensure that they repay the loans as agreed so that others will benefit, This is the only way it will work,” Mani assured.
The civil service boss also recalled that the state governor, Aminu Bello Masari, had endorsed the programme with a caution that all beneficiaries should submit an undertaking to abide with all the conditions laid down in the agreement.
He also expressed gratitude to the firm for offering the loans at four per cent and described it as a “dynamic contribution towards the socio-economic development of the state.”
Abdullahi Balange, vice chairman, Nigerian Labour Congress (NLC), Katsina State chapter, in his remarks, lauded the state government for given approval to its workforce to access the loans and pledged the support and cooperation of the workers.
