COVID-19: Nigerian Entrepreneurs Seek Interest-Free Loans

April 27, 2020
28 Views

Ethical entrepreneurs have called on the Federal Government to exemplify its commitment to the development of alternative finance through inclusion of non-interest windows in its various loan and intervention funding programmes.

Ethical entrepreneurs and financial experts who participated in a webinar on financial inclusion in Nigeria and government’s intervention funds called on government to adopt inclusive approach that combines both conventional and ethical finances in order to ensure inclusive development of the economy.

They underscored the need for government to continue to deepen the non-interest alternative finance segment of the financial market through massive awareness campaign, inclusion within development finance initiatives and special purpose intervention to bolster the emerging segment.

In a communiqué issued at the end of the programme organised by Network of Muslimah Entrepreneurs, participants agreed that having discovered the knowledge gap on ethical finance, it becomes obligatory to bring the attention of the stakeholders in financial sector to the huge section of the citizens left uncovered by various government interventions in Nigeria.

The communiqué was signed by National President, Jumai Ajijola; General Secretary, Shakirat Animashaun and Financial Secretary, Saidat Shonoiki of the Network of Muslimah Entrepreneurs.

Participants noted that ethical investors and entrepreneurs, who shun interest because of faith and beliefs, have not been able to benefit from government’s developmental initiatives and intervention funding such as NIRSAL loan, Nigerian Export Import Bank (NEXIM) loan, Micro, Small and Medium Enterprises (MSME) fund, Bank of Industry (BOI) loans,  mortgage funds and the recent Covid-19 target fund.

“We, therefore, use this medium to call on the government at different levels, the Central Bank of Nigeria (CBN), and other stakeholders to take into consideration the interest-averse population so as to enhance financial inclusion and prevent poverty, especially among women in line with millennium goals,” the communiqué stated.

The Federal Government had adopted alternative finance as part of the national financial structure with the formulation of non-interest financial frameworks and rules by financial regulators.

Loading…

You may be interested

Ogun: Fulani herdsmen shoot, batter woman [VIDEO]
News
3 views
News
3 views

Ogun: Fulani herdsmen shoot, batter woman [VIDEO]

admin - January 24, 2021

The Commissioner, Ministry of Internal Security and Home Affairs, Kaduna State, Mr. Samuel Aruwan says bandits killed four persons in…

Chelsea vs Luton: Abramovich identifies former coach as Lampard’s replacement
News
2 views
News
2 views

Chelsea vs Luton: Abramovich identifies former coach as Lampard’s replacement

admin - January 24, 2021

Chelsea’s hierarchy has identified Leicester City manager, Brendan Rodgers, as a possible replacement for Frank Lampard, if he is fired,…

News

Kaduna: Zangon Kataf community launches peace pact

admin - January 24, 2021

The Muslim Rights Concern, MURIC, has called on the federal government to engage in dialogue and consultation over the crisis…

Leave a Comment

Your email address will not be published.