354 MFB clients get CBN loan interest drawback

The authorities of Lift Above Poverty Organisation (LAPO) Microfinance Bank said the Central Bank of Nigeria (CBN) had granted a total N2 million rebate (interest drawback) to its 354 clients under the Agricultural Credit Guarantee Scheme Fund (ACGSF).

In a statement signed by Wisdom Abhulime, LAPO’s image maker, and made available to BusinessDay in Benin City, the fund, which is being managed by the CBN, is designed to provide access to affordable credit to farmers across the country. The CBN has therefore granted a total of N2 million rebate for the complete repayment of the loans LAPO Microfinance Bank granted the farmers under the ACGSF.

Abhulime also disclosed that a total of 56,302 rural dwellers and clients were empowered with social, health and free legal services in the first quarter of 2014, saying over 26,354 were reached through information, enlightenment and communication materials.

IDRIS UMAR MOMOH