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Kwara in joint venture with MIC Microfinance Bank
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Poised to ensure that the current wave of reform in the Nigerian economy has impact on its citizenry, the Kwara state government has partnered with leading Lagos- based micro finance bank, MIC Microfinance Bank Limited, as technical partner to provide technical support to Kwara State government in establishing the Kwara Commercial Microfinance Bank in conjunction with other private investor.
According to the managing director, MIC Microfinance Bank Limited, Temitope Ola, the modalities for the project have been concluded, noting also that the project will take off in April 2008 with a N250million start-up capital. Ola said that his bank, noted for innovative solutions designed to promote sustainable growth and poverty alleviation, would ensure that through the project, farmers, low-income earners, small and medium-sized entrepreneurs in the state would have access to stress-free loans to grow their businesses and in turn support the economic growth rate.
Ola said that MIC Micro finance Bank Limited is a financial institution with the sole mission to bridge the supply gap of financial services to the micro, small and medium scale enterprises through the provision loans to small to small entrepreneurs who can not meet the stringent loan conditions prevailing in the commercial banks.
He said that MIC Microfinance bank Limited, committed to end poverty in Nigeria will bring its expertise to bear in the project.
Ola noted that this brings the number of partner states to two, after being selected as an official partner in the EKO Microfinance Scheme, Lagos State Government N5 billion microfinance project.
Ola said work was ongoing with other states to introduce microfinance.
According to the managing director, MIC Microfinance Bank Limited, Temitope Ola, the modalities for the project have been concluded, noting also that the project will take off in April 2008 with a N250million start-up capital. Ola said that his bank, noted for innovative solutions designed to promote sustainable growth and poverty alleviation, would ensure that through the project, farmers, low-income earners, small and medium-sized entrepreneurs in the state would have access to stress-free loans to grow their businesses and in turn support the economic growth rate.
Ola said that MIC Micro finance Bank Limited is a financial institution with the sole mission to bridge the supply gap of financial services to the micro, small and medium scale enterprises through the provision loans to small to small entrepreneurs who can not meet the stringent loan conditions prevailing in the commercial banks.
He said that MIC Microfinance bank Limited, committed to end poverty in Nigeria will bring its expertise to bear in the project.
Ola noted that this brings the number of partner states to two, after being selected as an official partner in the EKO Microfinance Scheme, Lagos State Government N5 billion microfinance project.
Ola said work was ongoing with other states to introduce microfinance.
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