Lagos plans micro-finance bank for small businesses

Artisans and operators of small business in Lagos State may soon be smiling to the banks, as the state government says that arrangements have been concluded to set up a Microfinance Bank in the state to aid them.

Governor Akinwunmi Ambode made this known at the 5th edition of the Lagos Corporate Assembly tagged “A-plus meets business” Alausa, Ikeja.

He reveled that the administration had met with the Central Bank of Nigeria (CBN) governor and get a license running to set up a Micro-finance Bank quickly to help Small and Medium Entrepreneurs (SMEs) and artisans.

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According to him, the bank would be lending to the sector at three per cent rate.

The governor said he was passionate about locally produced goods, explaining that the Employment Trust Fund established by his administration and the Micro-finance Bank would boost the state’s economy and reduce unemployment.

Ambode also explained that the goal of the state government was to improve the ease of doing business, and assured the sector of his administration’s commitment to maintain a business-friendly environment.

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