BoI begins indirect lending to micro entrepreneurs through MFBs

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The Bank of Industry, BoI, has commenced granting loans to micro entrepreneurs in the economy through 14 microfinance banks with branches nationwide. Micro entrepreneurs include the likes of shoemakers, tailors, snacks producers, furniture makers, and people in bakery business, among others.

Waheed Olagunju, Acting Managing Director, BoI, disclosed this, weekend, during presentation of cheque totalling N2 billion to three microfinance banks: LAPO MFB, Fortis MFB and Lotus Capital.

At the ceremony held in Lagos, Olagunju said: “BoI is currently in partnership with 11 microfinance banks under the BOP scheme to which the sum of N1.1 billion had earlier been disbursed.

The inclusion of LAPO MFB (N1.0 billion, Fortis MFB N500 million and Lotus Capital N500 million) will bring the number of such participants to 14 and a total sum disbursed for on-lending to micro entrepreneurs under the programme to N3.1 billion.”

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