The Lagos State Government said it had established a new microfinance bank called IBILE, which is targeted at reducing poverty and unemployment in the state.
At the inauguration of the bank, the state Commissioner for Finance, Mr. Akinyemi Ashade, said Governor Akinwunmi Ambode was committed to his promise of making life better for the residents of the state.
He said the state government would make loans available to the residents of the state, who lack the necessary capital to go into small and medium-sized businesses.
Ashade said, “IBILE Microfinance Bank would galvanise activities in the Micro, Small and Medium Enterprises sector as it would allow more people to go into business, which will ultimately reduce unemployment and poverty in the state.”
The chairman of the bank, Mr. Kolawole Taiwo, said the bank was established by the Lagos State Government and licensed by the Central Bank of Nigeria in January 2017 to carry out microfinance banking activities.
“IBILE MFB is the main disbursement vehicle to the Lagos State Employment Trust Fund, which was established by the Lagos State Governor Akinwunmi Ambode with a N25bn fund over four years to finance 100,000 SMEs,” he said.
Also speaking at the event, the Managing Director of IBILE MFB, Mr. Adegboyega Kazeem, said the bank’s activities would enhance the development of the state.
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Source: The Punch