Ecobank Nigeria and the Ekiti State government have commenced the disbursement of funds to over 2,250 residents earmarked in the State as the first set of beneficiaries of the Federal Government Conditional Cash Transfer (CCT) Scheme under the Millennium Development Goals (MDGs) project of Office of the Senior Special Assistant to the President (OSSAP) on MDGs.
The intervention fund has so far been successfully disbursed to all the beneficiaries through cash transfers on the Ecobank Mobile Money platform. Each of the beneficiaries received N5,000 which will henceforth be paid monthly as grant for the upkeep of their families while a lump sum of N100,000 will be paid out to them for start-up of small agriculture business after 12 months. This is made possible as the OSSAP on MDGs earlier distributed cell phones and SIM cards to the beneficiaries while the Bank registered them for Mobile Money for the purpose of smooth transfer of the monthly subvention.
Governor of Ekiti State, Dr. Kayode Fayemi, who inaugurated the cash transfer scheme in Ado Ekiti, described it as a kind of social security fund which makes a lot of economic sense, as it serves as a platform through which government reaches out to empower citizens within the low income bracket, especially women.
In his words, the N5,000 monthly grant and the final N100,000 make a lot of economic sense in that women are prudent managers of resources.
I can assure you that by the time all the women receive the N100,000 for small business start-up, they will generate a lot of economic activities within the state. So to us as government, this is not only an intervention fund, this is an investment, he said.