Ogun State Governor launches interest-free loan scheme, Oko’wo Dapo

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The Governor of Ogun State, His Excellency Prince Dr. Dapo Abiodun has launched the Oko’wo Dapo, an initiative to provide funds to the people, especially women and youth, who are involved in legitimate SMEs across the State.

Ogun State Governor launches interest-free loan scheme, Oko’wo Dapo - Brand Spur

Oko’wo Dapo, an empowerment scheme is a campaign pledge by His Excellency Prince Dr Dapo Abiodun. Oko’wo Dapo will provide grassroots women with interest-free loans of ₦10,000 each. The launch of the scheme is scheduled for 5th September 2019. The scheme is open to women in Ogun State only. The programme is envisaged to reach at least 100,000 women in the first year but will start with an initial 2,000 beneficiaries. They could be market women, politicians, member of women’s societies, religious associations or trade associations.

Ogun State Governor launches interest-free loan scheme, Oko’wo Dapo - Brand Spur

The Governor urged the beneficiaries not to see this as “a share of the national cake” but an extension of a hand from our administration to them to collectively lift the country out of poverty, as the social intervention program will ensure both employment and food security.

Ogun State Governor launches interest-free loan scheme, Oko’wo Dapo - Brand Spur

The beneficiaries will be grouped in 10s for easy management and monitoring of the programme:

One member of the group should be designated Leader and another, Secretary.

Each group will open a bank account in a Micro Finance Bank and the money will be paid directly to each beneficiary.

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There will be a 2-4week moratorium before repayment begins. Beneficiaries are expected to pay back at ₦600 per week over a period of 20 weeks. ₦500 will go back into the scheme while ₦100 will be saved in the group’s bank account.

The ₦100 savings will be available to them as a lump sum at the end of the loan repayment and can also be used to offset member defaults.

Late applicants will not receive their loan on the 5th of September, however, they will be included in subsequent payments.

You can apply here