CBN Releases N2bn To SMEs In Kano

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Central Bank of Nigeria, CBN, has released N2 billion Small and Medium Enterprises fund to the government of Kano State, to be disbursed to artisans, the state governor, Dr. Abdullahi Umar Ganduje has announced.

In a press statement signed by the Director General, Media and Communications to the governor, Malam Salihu Tanko Yakasai, stated that the governor assured that women would constitute 63 per cent of beneficiaries of the fund, which is an interest free loan, through the 37 microfinance banks established by the state government.

The governor explained that the decision to allocate larger percentage of the money to women is because of the desire to empower them economically and lift families out of poverty.

He made the assertion during the inauguration of the reconstituted boards of the microfinance banks in the state.

According to the governor, the boards of the banks were dissolved and replaced with new ones to give them a new lease of life.

“The banks were virtually dead when we came in and the money was stolen. The banks were disorganized.