Illmi Children’s Fund, Peace Microfinance Bank Collaborate to Empower Teachers

Illmi Children’s Fund (ICF) and Peace Microfinance Bank yesterday in Abuja signed a Memorandum of Understanding (MOU) to establish the TARM Cooperative, a groundbreaking initiative designed to empower teachers financially and support their crucial role in education.

The MOU was signed in the ICF Boardroom at The Capital Hub in Mabushi, Abuja by Executive Director of ICF, Maryam Augie-Abdulmumin and the Managing Director of Peace Microfinance Bank,Ms. Judith Chinedu Onyishi.

Augie-Abdulmumin explained that the joining of forces to execute the project  was a push in the right direction which she assured would yield positive results.

“The TARM Cooperative is an offshoot of the TARM (Training, Advocacy, Research, Mentorship) initiative. Even though TARM’s primary aim is to empower female teachers in their work with adolescent girls which they do through mentorship and training in the prevention of Gender Based Violence (GBV) at home and school, the cooperative is more holistic and seeks to help both male and female teachers plan for a secure retirement. 

“It will also empower teachers who become members to retire to a future of ease. ICF is committed to social impact through empowerment and entrepreneurship and we couldn’t pass off the golden opportunity that this partnership offered to do what we do best,” she explained.

Also speaking at the occasion, the Managing Director of Peace Microfinance Bank, Onyishi, stated that, “Through this partnership with ICF on setting up the TARM Cooperative, we are giving teachers access to financial tools and resources they need to plan for a secure future while strengthening their ability to continue to do their work wholeheartedly. We believe that teachers deserve a retirement plan that is dignifying and gives them hope. The TARM Cooperative is a significant step towards ensuring financial stability for teachers, allowing them to focus on their important work of educating and inspiring the next generation of leaders.

“The TARM Cooperative, an offshoot of the successful TARM programme, offers a diverse range of benefits to eligible public school teachers in the Federal Capital Territory (FCT), with future expansion planned for private schools. These benefits include:Secure Retirement Plans: Members can invest in an annuity investment with an annual rate, ensuring a stable income after retirement.Easy Access to Loans: Secure quick access to facility loans within 24 hours, as well as civil servant loans on convenient terms.Flexible Payment Options: Teachers can purchase commodities and appliances through convenient installment plans, making essential items readily available.Financial Literacy 

“Training: PMFB will provide ongoing financial literacy workshops to equip members with essential money management skills.Entrepreneurial Growth: The cooperative offers opportunities for teachers to pursue and support entrepreneurial ventures.”

The TARM Cooperative marks a unique collaboration between ICF and PMFB, driven by a shared commitment to empower teachers and advance education and entrepreneurship in Nigeria. 

According to them, by providing financial security and resources, the cooperative aims to equip teachers with the tools they need to continue to make a lasting impact in their profession.