The project which is called “bottom-up” Project will involve the release of over 10 billion Commonwealth naira grants to start up each model microfinance banks that will in turn, empower billions of grass root businesses courtesy of the World Bank.
The project, an initiative from World Bank is channeled towards eradicating poverty and it seeks to achieve this by empowering the creation of model microfinance banks in the grassroots through grants disbursement.
This was made public in a two day training on model microfinance bank management for bank chairmen, directors and other stakeholders organized by the Kingdom Wealth Multipurpose Cooperative Society for the South -West region in Ogun State.
The South – West host of Kingdom Wealth multipurpose Cooperative Society, in his welcome address said that the world bank has set aside 10billion Commonwealth naira per bank in other to empower small scale businesses with the model microfinance banks who in turn will deal directly with the one thousand members/beneficiaries of each of the model microfinance banks.
The executive chairman, Megastar Model Microfinance Bank in person of Dr. Mike Alatise in his own words stated that the drive to see poverty eradicated from Nigeria has been the motivating factor behind his organization’s 3-month relationship with Kingdom Wealth Multipurpose Cooperative Society. When he made it known to the gathering on how he came into contact with kingdom wealth in July 2017.
During the seminar, resources personalities lectured on introduction to model microfinance bank management, and bank operations.
The Kingdom Wealth management informed the over 600 participants who are model microfinance banks chairmen, directors, volunteered workers and other stakeholders, that kingdom wealth became a beneficiary of the World Bank “bottom up” through Dr. Donald Olorunkeyede who serves as a consultant and the link between kingdom wealth and the World Bank.
Participants were also informed of the involvement of statutory bodies such as the Development Bank of Nigeria who is overseeing the transfer of the grant from the World Bank as well as the Social Exchange Market in charge of registration of the model microfinance banks before being entitled to the grants. Development Bank of Nigeria in turn is saddled with responsibilities of inspecting each model microfinance bank raised by Kingdom Wealth Multi – Purpose Cooperative Society nationwide before disbursement can take place. This is the understanding the participant got from the national coordinator.
According to the National Coordinator of Kingdom Wealth Multipurpose Cooperative Society, Mr Emem Akpan, part of the criteria for bank registration is the submission of a minimum of 1000 and a maximum of 10 thousand members with their intended business projects. It is on the basis of this that data is created for each model microfinance bank and this data will serve a collateral on the social exchange market.
“Any model microfinance bank that wants to get involved in the grant disbursement must have a minimum of 1000 members with their genuine business proposals without which such bank would be denied registration and entitlement for the World Bank grant.” Mr. Akpan explained.
Kingdom Wealth Multi Purpose Cooperative Society is fully accredited to participate in the bottom up grant disbursement of World Bank by raising model micro finance bank across the Country.
Model Microfinance banks currently raised by Kingdom Wealth Cooperative Society are well over 100 branches in the southwest region of the country.
During interviews with some of the directors and participants, they commented that their fear of fraudulence has been allayed due to their experiences at the seminar, commending the organizers and resource personnel for the knowledge and information given to them which had also birthed a new hope in the scheme.
A director with Mega Goshen model microfinance bank who was among those that have successfully registered a thousand members, received certificate from the Social Exchange Market, and said he is looking forward to the next phase.
While the executive chairman of MegaStar model microfinance bank said “I am now totally convinced to continue this relationship with Kingdom Wealth as the certificates delivered from Social Exchange Market goes further to clear any doubts.”
Raymond, a banker and participant informed that he looks forward to delve into agriculture as soon as the grant is received. He said “I wish to take it to the next level through mechanized farming, adding that the seminar has been an eye opener and I will introduce it to others”.
An event manager from Oyo state said that her expectation from the scheme is to see that it is successful and poverty is reduced in Nigeria.
Also in attendance at the seminar were Mr. Joshua Jonah and Mr Vandi Bulus Hilma, both assistant national coordinators of the Kingdom Wealth Cooperative society, resource personnel, Mr. Elijah Dodo and Mrs. Naomi Atero, as well as the Executive Chairman, Kingdom Wealth, Bishop. Dr. Gideon Nkanta.
The hosts also made it known that there will be another seminar to educate people on how to utilize the grants and the different types of projects to embark on.
He further expressed positivity towards the programmes and urged the intended beneficiaries to utilize the money judiciously.