Lagos State-owned IBILE Microfinance Bank to boost MSMEs, reduce poverty

Akinyemi Ashade, Lagos State commissioner for finance, has said that the newly established IBILE Microfinance Bank will drive the growth of the micro, small and medium enterprises (MSMEs) in the state, while reducing poverty and unemployment.

Ashade, who made the assurance at the unveiling of the bank’s head office complex on 121 Obafemi Awolowo Way in Ikeja,  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 MSME loans available to the residents of the state who planned to go into small-scale businesses but lacked the necessary capital to do so.

According to him, IBILE MFB would galvanise activities in the MSME sector “as it would allow more people to go into businesses which will ultimately reduce unemployment and the poverty rate in the state.”

Speaking earlier, Kolawole Taiwo, chairman of the bank, had stated that the current government in the state was committed to providing the people of the state with dividends of democracy through access to opportunities for an enhanced standard of living.

Kolawole, who was the immediate past deputy speaker of the State House of Assembly, stressed that IBILE MFB was established by the Lagos State Government and licensed by the Central Bank of Nigeria (CBN) in January 2017 to carry out microfinance banking activities and was set up to alleviate poverty, reduce unemployment and increase financial inclusion in Lagos state.

“IBILE MFB is the main disbursement vehicle to the Lagos State Employment Trust Fund (LSETF), which was established by the Lagos State Governor Akinwunmi Ambode with a N25billion fund over four years to finance the businesses of 100,000 micro and small & medium enterprises (MSME),” he said.

“We must note that microfinance banks such as IBILE MFB exist to fill the void that traditional/commercial banks cannot fill in terms of providing capital and credit facilities to MSME’s,” he stated.

Also speaking, Adegboyega Kazeem, managing director of IBILE MFB, said that the bank was coming into existence at this material time with numerous products and services that would further enhance development in the state.

“In furtherance of this, IBILE MFB has introduced innovative banking products and services that leverages on technology and our unique knowledge of the Lagos economy. Such products and services includes loan products like IBILE Easy Money (quick loan), IBILE Sure Cash (salary advance), IBILE Group Loan (group and co-operative loan), and our savings products like IBILE Easy Save, IBILE Easy target and IBILE Investment Account. IBILE Mobile App and IBILE Easy Mobile shows how our technology expertise is used to make banking services seamless and convenient for all our customers,” he said.

Odinaka Anudu