Lagos state government last week announced that conclusion had been made in setting up a microfinance bank in the state.
“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,” Mr Akinwunmi Ambode said.
The governor also said that the bank would be lending to the sector at three per cent rate. The governor said he was passionate about locally produced goods, explaining that the Employment Trust Fund established by his administration and the Micro-finance Bank would boost the state’s economy and reduce unemployment.
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