Bauchi Microfinance Agency partners Oxfam on group based financing for poverty reduction, signs MoU

To further scale up rural cooperative financing aimed at reducing poverty among citizens of Bauchi State, the State Agency for Sustainable Microfinance has partnered with Oxfam Nigeria for technical support towards the sound implementation of the Agency’s program tagged “Microfinance Institution Building Program for Poverty Reduction (MIFIN)”.

The partnership was sealed at an event marking the signing of an MoU between the State Agency and Oxfam Nigeria held at the State Ministry for Budget and Economic Planning Bauchi.

Speaking shortly before the signing of the MoU, the Director-General of the State Microfinance Agency, Nura Muhammad Dan’madami said that the MIFIN program is aimed at strengthening the capacity of microfinance institutions and, member-based groups with a view to establishing linkages for a viable and sustainable microfinance system.

He stressed that “the ultimate goal of the MIFIN program is to enhance access of the economically active poor to finance for improved business productivity and poverty reduction”.

The Director-General disclosed that the MIFIN program is targeting at least 100 beneficiaries in each of 323 wards of Bauchi State.

According to him, “The program will be implemented in the 323 wards spread across the 20 Local Government Areas, with an estimated 807,500 poorest of the poor and vulnerable groups that include: women, youth and persons living with disability”.

He added that “With Oxfam’s years of experience in the Livelihoods and Nutritional Empowerment (LINE) Project, Rural Finance and Social Inclusion, the Agency deem it appropriate for such partnership”.

“This partnership will translate into up scaling the already established Oxfam’s member-based groups in the 6 LGAs of they are intervening by replicating same across the 20 LGAs of Bauchi State”, said Nura Dan’madami.

The DG further informed that the partnership was brought into understanding that Oxfam train MIFIN staff on the Oxfam adopted the model and also provide project implementation support, while the Agency on its part will manage the existing Oxfam clients for financial inclusion linkages, up scaling and sustainability.

Also speaking, Oxfam Nigeria Country Director Dr Vincent Ahonsi said that Oxfam is working with many national and local partners including Ministries, Departments and Agencies in Bauchi State towards improving the livelihood, and nutrition of rural communities across the state.

Represented by Oxfam official, Samuel Lashom, Dr Ahonsi said that despite the enormous agricultural potentials in Bauchi State, inadequate mechanized agricultural equipment and tools, and poor access to financial services including subsidized and inclusive loan facilities, constitute constraints in fighting poverty, unemployment, and poor agricultural yields in the state.

He said that “For over 6 years, and with generous (and appreciated) funding from the Global Affairs Canada, the Livelihood and Nutrition Empowerment (LINE) project has been working to stimulate a sustainable economic growth in Bauchi State through the Village Savings & Loan Associations (VSLA) formation and support, as well as financial linkages created for small farmer households”.

Vincent Ahonsi added that “These have been reducing poverty and promoting food security in six (6) implementing Local Government Areas (LGAs) of Alkaleri, Tafawa Balewa, Ningi, Darazo, Gamawa and Shira of the state”.

“The LINE Project is a market-based agricultural initiative that promotes agricultural-driven economic growth, and responds directly to the unmet financial services of the remote, difficult to reach, and rural poor communities in Bauchi State,” Dr Ahonsi said.

The Oxfam country Director also said that the signing of the MoU is a clear testimony that through robust, inclusive, and contextual partnerships that are mutually beneficial, States can achieve transformative changes.

The Country Director of Oxfam who sounded excited about the MIFIN initiative said, “It is my humble belief that the vision of the Bauchi State Agency for Microfinance Agency through the Microfinance Institutions building Program (MIFIN) aligns with the goals of Oxfam’s interventions in Bauchi State.

According to him, “Our partnership with the MIFIN Program will further facilitate the sustainability of the successes recorded in financial inclusion for the rural poor, through increased financial access, and ensuring that access of savings and loans are continuously guaranteed”.

“Oxfam will continue to offer technical support to the state through our local implementing partners for the replication and sustainability of this laudable initiative in Bauchi State”, said  Ahonsi.

The Oxfam Country Director also commended the Government of Bauchi State for providing the enabling environment needed for Oxfam to implement its unique and remarkable pro-poor and inclusive interventions.

Highlights of the event were the signing and exchange of the MoU by the two parties witnessed by some dignitaries that including the state commissioner for Cooperatives and Poverty Alleviation, Representatives of line MDAs, UNICEF representatives and other implementing partners.

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Bauchi Microfinance Agency partners Oxfam on group based financing for poverty reduction, signs MoU