Why Lagos State Is Setting Up A Microfinance Bank

Lagos State Governor, Akinwunmi Ambode, has revealed that the state will establish a microfinance bank to help artisans and small business operators, while also confirming that plans for setting up the bank had been concluded.

This was disclosed n a meeting with members of the business community at the 5th edition of the Lagos Corporate Assembly.

“We have met with the CBN governor and we believe we should set up a Micro-finance Bank quickly and get our license running to help the Small and Medium Entrepreneurs (SMEs) and artisans,” he said.

The microfinance bank will lend to the SMEs at a three per cent rate, as the governor expressed his interest in locally produced goods explaining that the Employment Trust Fund and the Micro-Finance bank would help reduce unemployment in the state.

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