By Dipo Olowookere
Fourteen microfinance banks operating in Nigeria have received N3.1 billion from the Bank of Industry (BoI) under the Bottom of Pyramid (BOP) programme.
Announcing this was the Acting Managing Director of BoI, Mr Waheed Olagunju, during the presentation of cheques to LAPO Microfinance Bank, Fortis Microfinance Bank and Lotus Capital Ltd in Lagos on Friday.
The BoI chief presented a cheque each of N1 billion to LAPO Microfinance Bank, N500 million to Fortis Microfinance Bank and N500 million to Lotus Capital.
The BOP scheme, according to Mr Olagunju, is among others designed to enhance the financial inclusion of micro entrepreneurs in the country.
He also explained that it is an on-lending initiative using the services of microfinance banks as channels for credit delivery to the under-served and under-banked micro-entrepreneurs.
Mr Olagunju noted that his bank had previously disbursed N1.1 billion to 11 microfinance banks under the scheme, revealing that it has approvals of N1.13 billion for nine other microfinance banks presently undergoing disbursement process.
He disclosed that the sectors to receiving financial supports under the scheme are agriculture, manufacturing, food products, beverages, solid minerals, services and artisanal activities.
