In order to provide loans to the Micro, Small and Medium Enterprises (MSMEs) sector of the Nigerian economy, Jaiz Bank Plc has secured a N3 billion financial facility from the Bank of Industry (BOI).
Receiving the cheque from the BoI, Jaiz Bank’s Managing Director, Hassan Usman, assured that the fund would be disbursed to the targeted beneficiaries.
According to Hassan:
“Fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs. I want to assure you that maximum benefits will be to the stakeholders.
“We have already started pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present. We are also intervening to provide finance to women group.”
How the fund will be disbursed
The fund would be given as loans to small business operators to grow their businesses and create wealth for the country’s economy.
Shekarau Omar, BoI’s Executive Director, said part of the reasons for providing the facility to Jaiz Bank is because of BOI’s conviction that the funds would be disbursed to the target group.
According to Omar, BoI understands the importance of MSMEs to the development of the economy. That is what ignited the drive to provide the sector with the much-needed funding.
“We are ready to partner with institutions that are ready to support and develop areas that needed support.
“We are comfortable this N3bn will help Nigeria grow. Executive it and come for more.” -Omar
About Jaiz Bank
Jaiz Bank Plc is a national bank as well as a quoted public company, owned by over 26,000 shareholders who are spread over Nigeria’s six geopolitical zones.
The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion.
Jaiz Bank’s customer base has also grown to over 230,000 cutting across all strata of the society.