Micro, Small and Medium Scale Enterprises (MSMEs) in Lagos State are to receive a major lift as the Lagos State owned-IBILE Microfinance Bank is collaborating with the Lagos State Ministry of Wealth Creation & Employment in providing soft loans to operators and artisans within the MSMEs sector.
The Managing Director of IBILE MFB, Mr. Adegboyega Kazeem in a statement on Tuesday in Lagos said the partnership with the Ministry of Wealth Creation & Employment was borne out of the overall goal of the bank in growing and sustaining MSMEs in the state.
Kazeem remarked that the partnership is a great leap towards poverty alleviation, reduction in unemployment rate and increased financial inclusion among these critical actors of the economy.
He added that working with the Ministry to reach thousands of artisans in Lagos State through their umbrella association- the Lagos State Council of Tradesmen and Artisans (LASCOTA) is an astute approach towards providing support to the MSMEs operators
“This partnership is a win-win situation for members of LASCOTA as their business will receive a huge boost with low interest loans provided by IBILE Microfinance Bank in conjunction with the Lagos State Employment Trust Fund (LSETF) at just five percent payable interest per annum and ultimately boost the economy of not only Lagos State but the entire country,” he remarked.
According to the Managing Director, IBILE MFB is the main disbursement vehicle to the LSETF which was established by the Lagos State Governor, Mr. Akinwunmi Ambode with a N25billion fund over four years to finance the businesses of 100,000 Micro, Small & Medium Enterprises (MSMEs).
He stated that as the main disbursement bank, IBILE Microfinance Bank is in a vantage position with its strong network and alliances to reach MSMEs and artisans in all five divisions of Lagos State, providing a strong competitive edge within the microfinance banking sector.
“We have a responsibility as a bank to support artisans and MSMEs in Lagos state to grow their businesses and achieve economic empowerment. IBILEMicrofinance Bank with its array of convenient, affordable and flexible banking products and services is well positioned to deliver value added solutions that are specifically targeted at the informal sector operators,” he concluded.