He said: “This is not a COVID-19 palliative as it were; it is a micro credit of Rotary District 9110 Nigeria, and it is something we had all planned even before COVID-19 as part of our plans for this Rotary year, and COVID-19 only came into Nigeria, I think about March. This is something that has been in plan ever before March this year.”
Speaking further, he explained that the 27 beneficiaries that got the loans were part of the 40 already short-listed by the District for the mega micro-credit scheme.
“The 27 beneficiaries are what we have for now; they are supposed to be 40 people and scale up to more than 100 people, which is our plan. And that N2 million will go for about 100 people, because what we intend to do is to continue to recycle the N2 million which is the base amount we have.”
On the moratorium for the loan payment, Oyebade said: “It is going to be for five months, and by the end of five months they will have returned all the money. It is absolutely interest free.”
In her welcome address, the Chairperson, Mega Micro-Credit Committee of the Rotary District, Olaitan Ojuroye, said the seed fund for the loan was generated by District 9110, to touch lives and humanity, which is the core value of the Rotary Club International.
