The Enugu East Local Government Area has taken a major step toward grassroots economic empowerment, signing a Memorandum of Understanding (MoU) with Umuchinemere Pro-Credit Microfinance Bank to drive a women-focused funding initiative projected to grow to ₦5 billion.
The agreement establishes the Enugu East Women Cooperative Empowerment & Endowment Fund (W-CEEF), with an initial intervention fund of ₦200 million targeted at women cooperatives, small businesses, traders, artisans, youths, farmers, and low-income households across the council area.
Speaking at the signing ceremony held at the bank’s head office in Enugu on April 14, 2026, the Council Chairman, Beloved-Dan Obi Anike, described the initiative as a bold and transformative step toward securing the economic future of local communities.
“This is not just about signing a document—it is about signing a future,” Anike said.
He added, “The process begins with empowering women through access to finance, education, and expanded job opportunities. This scheme is designed to translate policy into tangible impact for our people.”
According to him, the programme underscores the administration’s commitment to inclusive growth, job creation, and poverty reduction, in line with the broader development agenda of the state government.
The event was attended by key officials of the council, including Deputy Chairman Kingsley Anike, Secretary to the Council Uche Mbaeke, political appointees, women representatives, and members of the bank’s board and management.
Chairman of the microfinance bank, Obiora Ike, commended the initiative, describing it as a strategic intervention to deepen financial inclusion.
“Our bank has entered into this Memorandum of Understanding with the Enugu East Local Government Council to roll out the Enugu East Women Revolving Loan Scheme targeted at women cooperatives across the local government area. Our expertise will ensure professional disbursement, monitoring and recovery of the loans in line with best financial practices,” he said.
Under the framework, the scheme will be funded through the Enugu East Local Government Human Capital Development Trust Fund and managed by a board comprising representatives of the council, the bank, and civil society.
Officials said the programme is structured to operate across multiple lending cycles, backed by a five percent reserve to manage risks and ensure sustainability.
The fund will support micro and small businesses, agricultural ventures, and community-based projects with measurable social and economic impact, while the bank will handle due diligence, loan disbursement, monitoring, recovery, and financial literacy training for beneficiaries.
With the rollout of the scheme, the council said it is placing capital directly in the hands of its people to stimulate enterprise growth, strengthen household incomes, and build a more resilient local economy.
