In a significant move to empower residents and stimulate grassroots economic growth, the Executive Chairman of Ona Ara Local Government, Dr. Temitope Kolapo GLORIOUS, has officially flagged off the distribution of Point-of-Sale (POS) machines and soft loans to over 1,000 beneficiaries within the Local Government area.
The initiative, launched in collaboration with the Bank of Agriculture and SmartPay Limited, is designed to enhance financial inclusion, promote small-scale entrepreneurship, and uplift the economic status of residents.
This was disclosed in a press statement signed by the Chairman’s Press Secretary, Mr. Rahmon Alawode, and made available to journalists. The statement highlighted that the empowerment scheme involves three key components:
1. Free POS Machines from SmartPay Limited: Beneficiaries will receive free POS machines to facilitate business transactions.
2. Soft Loans from the Bank of Agriculture: Each beneficiary will be provided with an initial soft loan of ₦50,000 under the Women for Agriculture Empowerment Scheme.
3. Corporate Affairs Commission (CAC) Registration Support: To qualify, beneficiaries must have a registered business with the CAC. The Local Government has covered the registration costs for the first set of 50 beneficiaries.
Speaking at the event, Dr. Temitope GLORIOUS expressed his administration’s commitment to supporting entrepreneurship and fostering financial independence among residents. He emphasized that the empowerment scheme is structured to maximize its impact, with plans to extend benefits to over 1,000 people before March 2025.
“The goal is to empower our people with the tools and resources to thrive in today’s economy. By partnering with the Bank of Agriculture and SmartPay Limited, we are ensuring that financial empowerment is accessible to all, especially women and small business owners,” Dr. GLORIOUS stated.
Representing the Bank of Agriculture, Mr. Olorundare Kolawole commended the Local Government for its foresight and pledged the bank’s continued support. He encouraged beneficiaries to act as ambassadors of the initiative by utilizing the resources responsibly and ensuring prompt repayment of loans to sustain the program.
Additionally, the Director of SmartPay Limited outlined the opportunities for beneficiaries to scale up their businesses. He explained that consistent and responsible participation in the scheme could qualify beneficiaries for loans of up to ₦1,000,000 by March 2025.
Others at the event are: Vice Chairman , Hon Windapo Oluwole, Chief of Staff, Hon. Isiaka Arinola, Secretary to the Local Government, Director of Education and Social Services, Alhaja Adenike Akande, Hon. Sunmonu Babatunde, Supervisory Councillors and Special Assistants among others.
The Ona Ara Local Government initiative is a testament to the power of collaboration in driving sustainable development. Beneficiaries expressed gratitude for the support, pledging to make the most of the opportunity to enhance their livelihoods.
