Jaiz Bank Secures N3bn Funding Facility for SMEs

By Dipo Olowookere

A funding package worth N3 billion was granted to Jaiz Bank Plc on Tuesday by the Bank of Industry (BoI).

The facility is to enable the bank give loans to Micro, Small and Medium Enterprises (MSMEs) sector of the economy, which had been starved of funds for a long time.

Managing Director of Jaiz Bank, Mr Hassan Usman, while receiving the cheque, assured the BoI that the fund would be disbursed to the targeted beneficiaries.

“Fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs. I want to assure you that maximum benefits will be to the stakeholders.

“We have already started pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present. We are also intervening to provide finance to women group,” Mr Usman said.

An Executive Director of BoI, Mr Shekarau Omar, said during the presentation that part of the reasons for providing the facility to Jaiz Bank was its conviction that the funds would be disbursed to the target group.

He said BoI understood the importance of MSMEs to the development of the economy, adding that this was why the drive to provide the sector with the much needed funding.

“We are ready to partner with institutions that are ready to support and develop areas that needed support.

“We are comfortable this N3bn will help Nigeria grow. Executive it and come for more,” Mr Omar stated.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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