ACCION Microfinance Bank, Nigeria’s leading microfinance bank, has received N50million from the Central Bank of Nigeria microfinance intervention – the Micro, Small and Medium Enterprises Development Fund (MSMEDF).
The MSMED Fund forms part of the CBN framework for developmental functions, which aims to promote financial inclusion in Nigeria through the provision of funding to micro-entrepreneurs.
Accion Microfinance Bank indicates that the MSMED Fund awarded the bank by CBN will be used to fund micro-entrepreneurs in the education sector. According to the bank, education aligns closely with her strategy for creating brighter futures for her customers by giving them the opportunity to improve their socio-economic wellbeing through good education to children, which consequently leads to sustaining the wealth created by their parents. This, the Bank believes promotes growth and development. Education is a viable factor towards achieving financial inclusion as well as the millennium development goals. Education is also the corporate social responsibility focus of Accion Microfinance Bank.
Commenting on the Fund, Managing Director/Chief Executive Officer Accion Microfinance Bank, Ms Bunmi Lawson said, “The MSMED Fund is a welcome development from the CBN. At Accion, we believe education opens the doors to greater opportunities. We are committed to giving a brighter future to our customers and the Fund will enable us achieve this”.
With over 35,000 loan customers, Accion Microfinance Bank has disbursed N7.4 billionn worth of loans to customers since January 2014 with N960 million being disbursed in September 2014 alone. The MSMED Fund will enable Accion Microfinance Bank continue to disburse loans to customers who desire to alleviate their economic wellbeing as the bank works towards realizing financial inclusion in Nigeria.
SOURCE: The Guardian (Nigeria)
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