20/08/2024
RRVCP Engages FBOs and SMEs on Islamic Microfinance Loan Scheme in Tormabum
**Tormabum, Bum Chiefdom, Bonthe District** – On Tuesday, August 20th ,2024, the of Agriculture and Food Security’s Rice Value Chain Project (RRVCP) held an engagement with farm-based groups (FBOs) and small-medium enterprises (SMEs) in Tormabum, Bum Chiefdom, Bonthe District. The meeting focused on introducing the Islamic Microfinance loan scheme, which will be processed by Apex Bank.
The purpose of this engagement was to formally inform the FBOs and SMEs, particularly and , about the commencement of the loan scheme and to guide them through the process of accessing these loans from Apex Bank.
Welcoming the project team, the Paramount Chief of Bum Chiefdom, PC Alex Maada Kaipumu, expressed the community's excitement about the . He noted that the majority of the chiefdom’s residents are primarily engaged in rice production, with some also involved in cassava farming.
He emphasized the importance of this initiative in empowering the actual farmers and businesspeople within the chiefdom. Chief Kaipumu thanked the Islamic Development Bank and the Arab Bank for Economic Development in Africa for their continued support, which includes irrigation infrastructure, road development, and now, financial assistance to farmers.
Fatmata Binta Jalloh, Agribusiness Specialist at RRVCP, highlighted that the project aims to encourage women and youth to transition from subsistence farming to treating farming as a business, particularly with the availability of the Islamic Microfinance loan scheme.
She explained that the loan scheme, which operates on a profit-sharing basis rather than traditional interest rates, aligns with the government’s Feed Salone program. This program seeks to empower farmers and entrepreneurs, contributing to economic growth and improved livelihoods.
Watta Roseline Beah, Gender and Youth Officer at RRVCP, reinforced the critical role that women and youth play in farming and the local economy. She stated that the loan scheme is designed to optimize rice production and support other business ventures, further enhancing economic development in the region.