Gov. Akinwunmi Ambode of Lagos State

Lagos State launches microfinance bank Traders and other small-scale businesses, now have an additional source for getting finance, as the Lagos State government has launched its microfinance bank, Ibile Microfinance bank. The state commissioner of finance, Mr Akinyemi Ashade disclosed this recently.

Here are key nuggets about the bank:

  • The bank was licensed by the Central Bank of Nigeria (CBN) in January 2017.
  • The bank’s head office is located at No. 121 Obafemi Awolowo Way, ikeja.
  • Ibile Microfinance Bank is the main disbursement vehicle to the Lagos State Employment Trust Fund (LSETF)
  •  The bank will partner with the Central Bank o Nigeria (CBN) on its N200 billion MSME fund for onward lending to residents of the state.
  • The bank will also partner with the Bank of Industry (BOI) and other local and foreign bodies to increase access to finance and capital for Micro Small Medium Enterprises (MSMEs)
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.

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