News: Ibile Microfinance Bank to Boost Job Creation

The Lagos State-owned Ibile Microfinance Bank is collaborating with the Lagos State Ministry of Wealth Creation and Employment to provide soft loans to operators and artisans within the Micro, Small and Medium-scale Enterprises sector.

The Managing Director, Ibile MFB, Mr. Adegboyega Kazeem, in a statement on Wednesday in Lagos said the partnership with the Ministry of Wealth Creation and Employment was meant to enhance the growth of the MSMEs in the state.

Kazeem described the partnership as a great leap towards poverty alleviation, reduction in unemployment rate and increased financial inclusion, among others.

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, was an astute approach towards providing support to the MSMEs operators.

The managing director said, “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  of Lagos State Employment Trust Fund at just five per cent payable interest per annum, and ultimately boost the economy of not only Lagos State but the entire country

According to Kazeem, Ibile Lagos State to grow their MFB is the main disbursement vehicle to the LSETF which was established by Governor Akinwunmi Ambode of Lagos State with a N25bn fund over four years to finance the businesses of 100,000 MSMEs.

He stated that as the main that as the main disbursement bank, Ibile MFB was in a vantage position  with its strong network and alliances  to reach MSMEs and artisans in all the 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 the MSMEs in  Lagos State to grow their businesses and achieve economic empowerment. Ibile Microfinance 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.

Source: The Punch