Ecobank, LSETF Partner to Create Additional Revenue Sources for MSMEs

By Aduragbemi Omiyale

A partnership aimed to support micro, small and medium enterprises (MSMEs) in Lagos State has been entered into by Ecobank Nigeria and the Lagos State Employment Trust Fund (LSETF).

Business Post gathered that the initiative, tagged LSETF/Ecobank Project, hopes to create additional revenue sources for the entrepreneurs wherever they are.

The partnership also intends to reduce unemployment in the state through the promotion of entrepreneurship and capacity development for Lagos-based MSMEs.

Under the arrangement, Ecobank is expected to make available its various platforms and solutions to LSETF for prequalified MSMEs in Lagos to drive attainment of the objectives as set out by LSETF and Ecobank Nigeria, a statement from the lender said.

The Executive Director in charge of Commercial Banking at Ecobank Nigeria, Mrs Carol Oyedeji, explained that the collaboration was in line with the bank’s empowerment and entrepreneurship initiatives to reduce unemployment in various parts of the country.

She stressed that the collaboration will be mutually beneficial to both parties as it would achieve sustainable business growth and overall skill development amongst MSMEs operating in Lagos state.

The banker pointed out that the partnership will engender structured capacity building, technology skill acquisition, access to business mentoring and access to finance.

“We are currently driving the African Union Initiative for MSMEs in Africa which includes a structured training and mentoring scheme including financing for MSMEs under the auspices of the Ecobank AUDA-NEPAD Academy.

“This initiative comprehensively covers the main objectives of the LSETF’s Intervention in the MSME space. Ecobank has been very active in empowering existing and intending entrepreneurs all over the country under the Ecobank agency banking proposition.

“This is intended to create additional revenue sources for the entrepreneurs wherever they are. We are also disposed to admit all eligible Lagos based entrepreneurs and intending entrepreneurs into this growing agency banking network,” Mrs Oyedeji said.

On her part, the Executive Secretary/CEO of LSETF, Mrs Teju Abisoye, disclosed that, “We are pleased to work with a leading Pan-African bank with operations in 33 countries across Africa.

“Partnerships like this move us much closer to our goal and I believe that the collaboration of the government and the private sector is one that can defeat the scourge of unemployment, exponentially expand the economy and improve the quality of life of our people.”

“The initiative, which is tagged LSETF/Ecobank Project, is aimed at making available various platforms and solutions tailored for participation in the programmes of the LSETF towards achieving the objectives of increased job and wealth creation, reducing unemployment, driving technology adoption and capacity/skill enhancement,” she said.