Fortis Microfinance has partnered with Federal Capital Territory (FCT) to empower women and youth. The partnership is in the area of provision of grants to the graduating students of FCT rehabilitation centers in Lugbe and Kubwa.
The FCT through the two centers under Society Against Prostitution and Child Labour in Nigeria (SAP-CLN) under the office of the Secretary of Social Development Secretariat (SDS), rehabilitates prostitutes and destitute picked on the streets of the city. Each graduating student gets a grant of one hundred thousand naira (N100, 000.00) only from Fortis Microfinance Bank.
Joseph Onyeabor, Head Corporate Communications of Fortis Micro Finance told our correspondent that the partnership was part of his organization’s corporate social responsibility, CSR. The interest rate on the money given out was a paltry 4%. According to him, Fortis will maintain the relationship as long as FCT is willing to carry on.
One of the managers of the Kubwa branch of the bank, Ojemen Churchill said the back apart from offering financing assistance also gives financing education and management to beneficiaries. This, he said will help the graduating students in growing their seed capital in order to avoid wrong use or diversion of the capital. The bank also monitors the businesses of the beneficiaries regularly and advances more funds where necessary.
Fortis Microfinance bank controls over 40% of the market share in the industry. Their track record and excellent performance in recent time made the management of FCT to discontinue with the previous banker and switch to Fortis.
Over 113 graduating students of the two centers will receive N100, 000.00 each as grants from FCT and will be monitored by Fortis. The bank will from time to time conduct financing/investment seminars for the graduates of the centers, in addition to monitoring of performance of each of the beneficiaries.