By Hassan Ibrahim
CARE Nigeria has awarded the sum of $50,000 grant to support the digitalisation of microfinance activities especially standardization of the Village Savings and Loan Associations (VSLAs) in Bauchi State.
Speaking during the Signing of Memorandum of Understanding (MoU) between CARE Nigeria and Bauchi State Agency for Sustainable Microfinance in Bauchi, County Director of CARE Nigeria, Dr Hussaini Abdu, said the partnership is a significant step forward in their shared commitment to empowering communities and fostering financial inclusion across Bauchi State.
Abdu said that the implementation of the programme is designed to scale up and standardize the Village Savings and Loan Associations (VSLAs) digital model to transform lives by economic empowerment of women and marginalized groups.
Represented by Faiza Muntaka, Dr Abdu, said, "This MoU symbolizes a collaboration built on mutual respect, shared vision, and a determination to make a tangible difference in the lives of the people we serve. Through this partnership between CARE Nigeria and the Bauchi State Agency for Sustainable to make a tangible difference in the lives of the people we serve."
Abdu explained, "This partnership goes beyond project implementation. It is about institutionalizing a framework that embeds financial inclusion into Bauchi State's development agenda. It is a commitment to creating a legacy of sustainable impact that will benefit generations to come.
"This initiative is supported by the Global Catalytic Fund, which provides us with the tools and resources to achieve our goals. Together, we will implement the SAVIX platform, enabling efficient tracking and measurement of VSLA activities. Build the capacity of Agency staff, village agents, and facilitators through targeted training programs. Map and profile existing VSLAs to training programs.Map and profile existing VSLAs to identify opportunities for growth and expansion, ensuring no community is left behind.
In his remarks, Director General Agency for Sustainable Microfinance, Nura Danmadami said that the intervention, especially digital solutions will enable us to overcome many of the logistical barriers we face, such as the difficulties of managing data of savings groups efficiently. That is why today’s partnership with CARE International is so timely and significant.
Danmadami explained, "Through this collaboration, CARE International has been awarded a grant of USD 50,000 to support the digitalisation of our microfinance activities in Bauchi State. The core focus of this grant is the procurement, training and installation of the SAVIX data management platform, a tool that will enable us to monitor and manage savings and loan groups more efficiently, enabling the scaling of these groups in a more informed, data-driven manner.
"Additionally, it will facilitate better government intervention programs, such as the non-interest revolving loan scheme, ensuring that financial services reach more individuals in an impactful and sustainable way.As we sign this MoU today, we are also laying the foundation for a more inclusive, prosperous future for the people of Bauchi State.
He further explained that since the programme's inception in 2020, MIFIN has made significant achievements in improving financial inclusion. Some of these achievements include;Empowering over 5,000 individuals with access to microfinance services.nEstablishing 73 Village Savings and Loan Associations (VSLAs) across six local government areas, with a total savings of ₦52,560,000.
Other achievements include disbursing over ₦16,320,000 in loans, which have helped expand businesses and improve livelihoods. Training over 1,800 community members in financial literacy and business management, laying the foundation for sustainable economic growth. Empowering seven Microfinance Institutions to serve the needs of our people.
"However, despite these significant achievements, challenges still remain. The demand for financial services continues to grow, and there are barriers to access, including logistical challenges, limited infrastructure, and the increasing need for more efficient systems to meet the needs of our people," Danmadami said
He continued, "Our current systems, though successful in reaching many, are not equipped to scale rapidly enough to meet the growing needs of our people. This is where the digitalisation of our microfinance operations becomes crucial. The need to streamline our processes, improve transparency, and enhance our reach to remote communities requires a modern approach.”
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