Ilmi Children’s Fund (ICF) and Peace Microfinance Bank (PMFB) have officially entered into a Memorandum of Understanding (MoU) to establish the TARM Cooperative.
This is aimed at providing financial empowerment and retirement planning for teachers in the country.
The MoU signing ceremony took place in Abuja, where Maryam Augie-Abdulmumin, Executive Director of ICF and Judith Chinedu Onyishi, Managing Director of Peace Microfinance Bank, solidified their commitment to supporting teachers.
The TARM Cooperative, an extension of the TARM initiative (Training, Advocacy, Research, and Mentorship), is strategically designed to address the financial needs of both male and female teachers.
Speaking at the event, Augie-Abdulmumin noted that the TARM initiative primarily focuses on empowering female teachers in their work with adolescent girls.
“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,” Augie-Abdulmumin said.
Judith Chinedu Onyishi, speaking on behalf of Peace Microfinance Bank, expressed enthusiasm for the partnership with ICF.
She added that the establishment of the TARM Cooperative would provide teachers with essential financial tools and resources needed to plan for a secure future.
“We believe that teachers deserve a retirement plan that is dignifying and gives them hope,” Onyishi added.
Peace Microfinance Bank Ltd. was incorporated on May 28, 2008, under the Company and Allied Matters Act 2004 with RC No. 750063.
It received its operating license from the Central Bank of Nigeria (CBN) on September 9, 2008. Headquartered at No 481 Utako District, Utako Abuja Federal Capital Territory (FCT), Peace MFB has expanded its branches to 15 within the FCT.