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Lagos Unveils State-owned IBILE MFB

The Lagos State Commissioner for Finance, Mr. Akinyemi Ashade has revealed that the state government is committed to reducing poverty and unemployment in the state through its newly established IBILE microfinance bank.

A statement on Monday quoted Ashade to have given the assurance at the unveiling ceremony to officially introduce the bank, which is located at Ikeja. He further disclosed that Governor Akinwunmi Ambode was committed to his promise of making life better for the residents of the state.

According to him, the state government would make MSME loans available to the residents of the state who plan to go into small-scale businesses, but lack the necessary capital to do so.
He said 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 the Chairman of the bank, Kolawole Taiwo had stated that the current government in the state was committed towards ensuring that it delivers the dividends of democracy via 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 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 N25 billion fund over four years to finance the businesses of 100,000 micro and small & medium enterprises

“Today marks the beginning of another milestone in our state and I want you all to know that we will do the job with all seriousness and provide leadership to others in this sector.
“We must also 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 MSMEs.

“Certainly, we will leave no stone unturned to set the pace in the industry as the present government in the state has displayed its unalloyed commitment to the betterment and uplifting of the people of Lagos State,” he added.



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