Illmi Children’s Fund, Peace Microfinance Bank sign MoU to empower teachers

Illmi Children’s Fund (ICF) and Peace Microfinance Bank (PMFB) have signed a memorandum of understanding (MoU) to establish TARM cooperative aimed at empowing teachers.

The MoU was signed in Abuja by Maryam Augie-Abdulmumin, executive director of ICF, and Judith Chinedu Onyishi, the managing director of Peace Microfinance Bank.

According to the MoU, the TARM Cooperative is an initiative designed to empower teachers financially and support their crucial role in education.

Augie-Abdulmumin said the partnership is an offshoot of the TARM initiative, which stands for training, advocacy, research, and mentorship.

“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,” she said.

“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.”

On her part, Onyishi said the partnership with ICF on setting up the TARM Cooperative will give teachers access to the financial tools and resources they need to plan for a secure future.

She said it will strengthen their ability to continue to do their work wholeheartedly.

“We believe that teachers deserve a retirement plan that is dignifying and gives them hope,” she added.

“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 plan for private schools, according to the MoU.

The benefits include a secure retirement plan, where members can commit to an annuity investment with an annual rate, ensuring a stable income after retirement.

It also includes access to loans, flexible payment options for commodity purchases, financial literacy training, and entrepreneurial growth.