- To facilitate access to commercial Microfinance in the State;
- To supervise Microfinance Business / Service Providers in the State;
- Act as contact point to Microfinance Business (like clearing House) of Service Provider in each local Government Area;
- To collaborate with local and International Microfinance to co-fund the Pacesetter Microfinance Institution’s fund.
- To register and monitor Service Providers through periodic reports in order to ascertain their level of performance.
Oyo State Pacesetter Microfinance Institution entered into agreement with Blue Intercontinental Microfinance Bank by signing a memorandum of Agreement dated 1st of November, 2008. The achievements through Blue Intercontinental Microfinance Bank are as follows:
Introduction of four Micro loan and five Savings Products into the Oyo State Market. These products are:
- MSME (Micro, Small and Medium scale Enterprises) Loan This is a facility given to groups and individuals, small and medium business owners starting from 15,000.00 to 500,000.00 to be used for a 3-12 months term, depending on the cash flow and nature of the business. Repayment for the loan is monthly while the interest rate is 3% per month on reducing balance.
- CORPORATE CASH EXPRESS LOAN
This is a one month breaching facility basically to cater for urgent business financing, with loan amount ranging between 50,000.00. and 500,000.00
- CASH EXPRESS LOAN
This is also a one month facility for the middle and lower class salary earners. The loan amount ranges from 5,000.00 to 40,000.00
- TERM LOAN (PERSONAL LOAN AND PAY ROLL)
It is a loan facility for salary earners to be repaid within a period between 6-15 months
- SAVINGS PRODUCTS
- ROSCA- daily saving and credit repayment scheme
- Regular savings- normal savings
- Traditional current account
- Target Deposits e.g festivals, wedding, school fees etc.
- Terms (fixed) Deposit
Oyo state Pacesetter Microfinance Institution, a grassroots empowerment Institution of Oyo State Government, established by the state Act signed into law on the 22nd of August, 2008 entered into an agreement with Grooming People for Better Livelihood Centre by signing a memorandum of agreement dated 14th of January, 2010.
The agreement is a product of the Public/ Private sector partnership initiative of the Government targeting the provision of microfinance services to the economically active poor in the 33 local governments, 3 senatorial Districts, and 344 Wards of the State using globally tested best practice approaches on financial intermediation of the poor.
Overall, the project achieved and surpassed initial set targets. Demand for loans by the women group has been rapidly increasing, indicating that the services offered are targeting the real needs of the targeted groups in the state.
The recovery rate has consistently been 99% while portfolio at risk (PAR), a key indicator for measuring the health of microfinance programs has also been consistently below the global best practice standard of 5%. Grooming Centre operate from 47 branches in Oyo State covering 22 local Government Areas of the State.
Attached for download is the summary of achievement of the Centre from 2012 to February, 2017. Download.
Olowolagba Microfinance Bank is the Service Provider that signed memoranda of agreement with Pacesetter microfinance Institution on 7th April, 2010. This was done in order to ensure proper repayment of the money.
Meanwhile, the programmes was initiated to further alleviates poverty among the teeming masses in the State. This good gesture was showcased in different form by purchasing 70 Taxi Cabs that was distributed in the interest of NURTW within the ambit of Ogbomoso and its environs.