NICOP Partners Jaiz Bank to Launch N200 Million Non-Interest Loan for MSMEs in Kano

GIZ-NICOP in in partnership with Jaiz Bank officially launched a non-interest micro financing scheme (Mudarabah) for MSMEs in the leather and garment value chains in Kano. The event, which held on Thursday, 30th September 2021 was well attended with a high representation of the Kano State government led by the state’s Honourable Commissioner of Commerce, Industry and Cooperative representing the Governor. Others on the delegation were the DG Kainvest, DG SME, Cottage and Street Hawking and other Senior Directors from four MDAs.

The Managing Director of the bank was represented by the Regional Manager, Northwest who delivered the MD’s speech in which she highlighted the GIZ-NICOP/JAIZ Bank collaboration and its impact.

The high point of the event was the presentation of cheques to three associations – Kano Allied Producers and Manufacturers Association (KALAPMA), MADAFA Women Leather Cluster and the Kano Garment Makers and Marketers Association (KGMMA). The bank has committed to providing a total of 200 million Naira in funding to the three clusters (NGN50.0million each to KALAPMA and MADAFA, and NGN100.0million to KGMMA) in the next 2 years. So far, 20 million Naira has been disbursed to over 280 MSMEs in the leather value chain.

Also featured at the event was the formal launch of the adapted financial literacy (FL) training manual for leather/garment VCs and information handbook for the scheme by dignitaries led by the Commissioner. The FL manuals consist of four volumes and 50 copies of each of the volumes were distributed to each of the associations alongside the information handbook. There was also a mini exhibition of products (finished leather products and garments) produced by the MSMEs. Invited guests were quite impressed by the quality and array of products on display. A passionate appeal was made to the Kano State Government for patronage of the products through contracting of the associations for the production of school uniforms, uniforms for government agencies, boots, school bags, pencil cases, etc.

Over 100 persons attended the event. Eleven media houses covered the event.