We have recovered N30.3M MFB loans in 3weeks – DG MEDA

Director General, Microfinance and Enterprise Development Agency (MEDA), Otunba Kayode Fasae said the Agency, through organised Microfinance banks in Ekiti state, have recovered Thirty Million and Three Hundred Thousand Naira from the Micro, Small and Medium Enterprises Development Fund disbursed to businesses in the state.

Fasae said this during a meeting with representatives of Microfinance banks in Ekiti State to discuss easy access of loans by entrepreneurs and business owners.

Fasae said the meeting was held to formulate action plans on tackling issues militating loans policy and access to adequate funding.

“This meeting is basically a follow up on our activities with all Microfinance banks in Ekiti State. The state government is on the verge of erasing disbursement of funds for enterprise development directly but rather does that through the organized financial sector such as Central Bank of Nigeria (CBN), financial banks, Microfinance institutions and the Bank of Industry that will duly monitor disbursements, utilization and refund of loans.

“We are working assiduously to recover unpaid loans in the state and so far, we have recovered N30.3million out of the N1.5billion Micro, Small and Medium Enterprises (MSME) Development Fund. This will go a long way in changing the narratives that our people don’t pay back loans in due time.

“This feat was top of my agenda when I assumed office and I also ensure we re-established a healthy working relationship with the finance sector of the state.

“Part of the function of this agency is to oversee the affair of microfinance institutions in Ekiti State and this meeting has given us a new direction on enterprise development in the State. We want to continuously develop ideas that will boost Small and Medium Scale Enterprises, micro businesses and other forms of trades for a collective growth of the state’s economy,” he said.

Stakeholders at the meeting include; EKReliable MFB, Amoye MFB, Aramoko MFB, Consistent Trust MFB, Iyin-Ekiti MFB, Sunbeam MFB and officials of MEDA.