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Diamond Bank, Airtel partner NACC to boost economy

By on April 25, 2014

Diamond Bank Plc, Airtel, and Mutual Benefits Assurance are partnering the National Association of Cooperative Consultants (NACC) to boost small scale businesses in Nigeria with the pilot project kicking off in Oyo, Osun, Ondo, Ekiti, Ogun, Kwara and Lagos states.

To this end, the regional managers of the above corporate organizations on Wednesday converged on, at the House of Chiefs, Secretariat Ibadan where cooperative societies from across the state were tutored on the benefit inherent in subscribing to NACC to enjoy the free interest loans and free group calls capable of boosting businesses and by extension, the nation’s economy.

Speakers at the forum like chief consultant of NACC, Ademola Akintola, Bolanle Ogunsanwo of Diamond Bank, Victor Akheimen of Airtel and Rahman Odukale of the Mutual Benefits Assurance enjoined the participating cooperatives societies under the Oyo State Cooperative Federation to avail themselves of the opportunity.

Akintola who said manufacturing companies and government agencies are participating in the project through summit and exhibitions added that, “cooperative has assisted so many people to acquire properties and assets. And the objectives of the project is to use cooperatives to reduce poverty in the society.”

He said Cooperative Small Business Loan (COSBIC) was conceived by NACC and powered by Diamond bank, airtel and Mutual benefits assurance.

The project, according to him is for registered and functioning cooperatives societies, stressing that, “all have access to the loan facilities as long as they are able to meet the terms and conditions. It is a minimum of N100,000 and a maximum of N200,000 repayable in twelve months without interest.

On the terms and conditions, Akintola said apart from registering with NACC, each cooperative society must be a registered and functioning society with a letter of recommendation from Director of Cooperatives from OSCOFED and  patronise the establishments of Diamond bank and airtel before accessing the loan.

While Airtel’s role involve ‘Close Users Group’ of reduced call charges upon payment of N1,000 monthly, payment to cooperatives’ subscribers will be effected by diamond bank, just as Mutual Benefits provides the needed insurance for subscribers through what they called Group Life Insurance (GLI).

 

 

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