Skip to main content

BoI disburses N3.1bn to 14 microfinance banks -MD

The Bank of Industry (BoI) says it disbursed N3.1 billion to 14 microfinance banks under its Bottom of Pyramid (BOP) scheme.

The scheme is among others designed to enhance the financial inclusion of micro-entrepreneurs in the country.

Mr Waheed Olagunju, the Acting Managing Director of the bank, made the disclosure at the presentation of cheques to LAPO Microfinance Bank, Fortis Microfinance Bank and Lotus Capital Ltd in Lagos on Friday.

The Bottom of Pyramid scheme is an on-lending initiative using the services of microfinance banks as channels for credit delivery to the under-served and under-banked micro-entrepreneurs.

Olagunju presented a cheque each of one billion naira to LAPO Microfinance Bank, N500 million to Fortis Microfinance Bank and N500 million to Lotus Capital.

He said that the bank had previously disbursed N1.1 billion to 11 microfinance banks under the scheme.

According to him, the bank has approvals of N1.13 billion for nine other microfinance banks presently undergoing disbursement process.

Olagunju said BOP was designed to leverage on the spread and penetration of participating financial institutions across the country to stimulate economic activity among micro-entrepreneurs.

“We also decided to work with microfinance banks because lending to micro enterprises requires special skills that they have acquired,” Olagunju said.

He said the scheme was aimed at poverty reduction through job and wealth creation focusing on rural micro-enterprise operators with a view to extending financial inclusion to them.

The managing director said that activities to be financed include agriculture, manufacturing, food products, beverages, solid minerals, services and artisanal activities.

Olagunju said that the scheme aligns with government’s employment and wealth creation objectives of the National Enterprise Development Programme (NEDEP).

He urged the banks to utilise the partnership and opportunity to lift Nigerians out of poverty.

Mrs Hajara Adeola, Managing Director, Lotus Capital, said that the partnership would boost economic activities and lead the country out of recession.

Mr Godwin Ehigiamusoe, Managing Director, LAPO Microfinance Bank, said that economic revitalization would take place if large numbers of citizens at the bottom of the ladder were engaged.

He noted that the partnership would enhance the productivity of the Micro, Small & Medium Enterprises sector while ensuring their contribution to the nation’s Gross Domestic Product.

Labels:

Comments

Post a Comment

Popular posts from this blog

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg...
Post a Comment
Read more

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...
Post a Comment
Read more