Cash Transfer: FCT- CARES, AEA,Train SME Owners

In line with its vision to make businesses thrive in Abuja, the Federal Capital Territory Administration, FCTA, has trained 100 small scale business owners on how to benefit from the FCT cash transfer initiative to grow their businesses.

The applicants for the FCT- CARES cash transfer, drawn from the six Area Councils, were trained by the Abuja Enterprise Agency, AEA, saddled with the task of promoting and supporting ease of doing business in the territory.

The Cash Transfer Initiative is under the Federal Capital Territory – COVID-19 Action Recovery and Economic Stimulus unit.

It is also an initiative of the World Bank support fund to facilitate recovery of MSMES under ‘FCT-CARES’.

Declaring the training open in Abuja, the Permanent Secretary, FCTA Common Services, Mrs Olubunmi Olowookere said the training is designed to empower SME owners to garner the right knowledge on how to sustain their businesses with the proposed cash transfer.

Olowookere who was represented by the Acting Managing Director/ CEO, Abuja Enterprise Agency, Mr Chudi Ugwuada-Ezirigwe said the rationale behind the cash transfer training was to ensure that those that would benefit from the initiative put the money to lucrative business that will make them to become economically self reliant.

The participants at the forum were taught to get their business names registered with CAC to be able to benefit from the cash transfer programme, as no transfer will be made to personal accounts.

According to Olowookere, the money is not for throwing parties or living an affluence lifestyle, but rather to help many Nigerians boost their businesses, with a view to alleviating poverty in the country.

Olowookere further tasked the participants to take the training seriously, develop their entrepreneurship skills on branding and packaging, have a business savings accounts, and desist from all forms of unnecessary spending to be able to make the expected profits from the
established business.

“We know the type of FCT Minister we have today, Barrister Nyesom Wike, is an action man. If you help us take this training seriously we will communicate to the Minister on what we have done, so that he will see that the money that has been given out is well used.

“You people should be careful, avoid mistakes, So that, when the money comes into your account you don’t spent it on frivolities.When the money comes don’t use it carelessly, the training is to ensure that you put the money into something that you are doing already that will bring more money.

“Every Area Council today has a new road that the minister is doing, he is going to repair schools, and this is cash transfer for your business”. Olowookere pointed out.

The Operations Manager of Livelihood Cash Section, Mr. Inuwa Mayo, and the Head of Cash Transfer Unit, Umaru Yusuf, unanimously urged the trainees to imbibe the culture of financial discipline and take advantage of the opportunity to diligently nurture a business that could improve their living standards.

Some of the trainees that spoke with kapital FM thanked the FCT Administration for the training.

According the them, the training was an eye opener on how to set financial goals, account balancing and the benefits of branding.

By Remi Johnson, Edited By Grace Namiji