The Ondo state government has signed an MOU with The National Cash Transfer Office (NCTO) under the Office of the Vice President, Federal Republic of Nigeria an intervention arm of the National Social Safety Nets Project (NASSP) which facilitate cash transfers and capacity building of beneficiaries.

NCTO through the Household Uplifting Programme provides support for poor and vulnerable citizens through targeted cash transfers, capacity building, and coaching and mentoring and livelihood support. Research has shown that commitment savings accounts, which feature either incentives for saving or penalties for withdrawing, are effective in helping the poor save.

Akeredolu said his government is passionate about the programme and committed to partner with the Federal Government in implementing programs that are beneficiary to the people of the state. As Ondo State commenced the enrolment and training of cash transfer beneficiaries a programme organized for the poorest of the poor in the country. Evidence suggests that facilitating access to formal savings services can increase savings, investment, and income among this population. However, use of these accounts is relatively low, and it is less clear how to increase interest in, and usage of, formal savings services among the poor.

It is possible that conditional cash transfer (CCT) programs—in which households receive cash if they meet certain requirements, such as sending their children to school as Governor Akeredolu has always say, “we all want to see our kids going towards success which is only possible through the good and proper education. Every parent tells their kids from childhood about the importance of education in life and all the advantages of education to make their mind towards better citizen in the future”. It develops confidence and helps building personality of a person or regularly visiting health facilities—offer a mechanism to encourage the poor to save. This research evaluates:

(1) who benefits most from access to formal savings products among the target population of CCT recipients, as measured by a range of individual and household characteristics.

2) whether increases in savings affect household consumption and the goals highlighted in preliminary focus group research as important to beneficiaries: housing improvements and education.

(3) what are the characteristics that make individuals more responsive to pro-saving messages, to take up commitment savings accounts and fulfill their savings goals.
This will be of great benefits to the people of Ondo state as Governor Oluwarotin Akeredolu has tapped into this program

Nigeria is undergoing rapid socioeconomic changes that affect health and social distribution of its citizens. One of the most increasingly employed poverty alleviation strategies is Cash Transfer (CT) programs. CT Programs are expected to improve all aspects of citizens’ lives, including their health status. CT Programs are classified into two types; Conditional (CCT) and Unconditional (UCT).

The national programme coordinator Mrs. Temitope Sinkaiye during her visit to Ondo state appealed to governor Akeredolu to provide security for staff of NCTO that would be going round the state to register the beneficiaries.

The governor promised to provide security and the enabling environment for the contingents to ensure the success of the programme.

PRINCESS EIGBOKHAN ORIH
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