The deputy governor candidate of the People Redemption Party (PRP) in July 16th, gubernatorial election in Osun State, Comrade Olowu Emmanuel has said that their administration will push funds into the Micro Credit Agency with 1.5% interest if the elected.
Olowu stated this on Sunday at the Party Secretariat in Osogbo Osun state capital, assured the residents of the
State to regulate the activities of the financial institutions.
Comrade Emmanuel who is the running mate of Engr. Busuyi Ayowole of PRP explained that BSY will offer 1.5% interest rate with a one mouth moratorium, on a loan lifetime of ten (10) months and calculation of interest on the balance to be repaid on monthly bases.
Olowu said their government will work with microfinance institution to regulate the bank activities in state.
“Trading activities are not new even before the advent of trading in currency, men were known to trade by barter however the resources for trading are always limited which is one of the reasons financial institutions are created for the benefit of man and the expansion of the economy, however, men are growing in the age while the economic life of Man is not progressing due to bad economic policies of the government and in the ability of the government to regulating the activities of the Financial institutions”
“As a people’s government, we shall take the issues of the regulation of the activities of the financial institutions most especially that of Microfinance banks in the state serious” he stated
He noting that many market women have been molested, saying we have seen the heavy interest rate placed on loans and we have acknowledged that our traders cannot breakeven under such heavy interest loans and we are proud to say that incompetency of the managers of our common wealth over time and neglect of the people took us this far.
Olowu noted that since the creation of the state, all those who had led the state as not properly financed our Microcredit agencies, BSY administration shall invest in and ensure that the per capita income of our traders raises.
He promised to fulfil all political manifestos to the people of Osun and especially traders if they are voted to power come 16th of July 2022.
