MTN, LAPO Microfinance partner on SMEs’ growth
The funds made available under the Central Bank of Nigeria (CBN)’s Micro Small and Medium Enterprise Fund (MSMEDF) will serve as loans to retailers and other small scale businesses to support them in growing to become bigger enterprises.
The ‘MTN BizGrow’ initiative is a credit product, primarily designed to meet the funding needs of MTN retailers in partnership with finance organisations. Through this initiative, MTN retailers can leverage on the small and medium enterprise development initiative of the CBN to access credits made available in this regard.
To access the loan, participants must be MTN retailers and must have been in business for a minimum of 12 months.
Also, the participant must open an account at any of the branch of LAPO Microfinance Bank spread across 28 states in Nigeria and must provide a guarantor.
Sales and Distribution Executive, MTN Nigeria, Tsola Barrow, said the partnership with LAPO Microfinance Bank is a demonstration of MTN Nigeria’s commitment to engage, empower and expand the businesses of MTN retailers across Nigeria.
“The MTN-LAPO partnership will provide funds to MTN retailers in order for them to boost their sales. Credit Loans of N50, 000 to N100, 000 are advanced to selected or qualified retailers, with no tangible collateral required. This initiative will strengthen MTN Nigeria’s position as a critical agent for economic development” Barrow explained.
On reasons for partnering with MTN, Managing Director, LAPO Microfinance Bank, Godwin Ehigiamusoe, said the bank wants to meet its commitment to CBN on the Micro Small and Medium Enterprise Development Fund (MSMEDF).