Microfinance banks operating in Lagos State have concluded plans to raise about N2 million for onlending to active poor next year.

The National Association of Microfinance Banks (NAMB), Lagos chapter has officially rolled out a NAMBLA/BGL trust fund targeted at alleviating poverty in the country.

The NAMBLAG/BGL trust fund is a private fund set up to provide liquidity to microfinance banks at a single digit for onward lending to the active poor in Nigeria.

The parties to the fund include, BGL group, CDL Asset management limited, GTB trustees, credit registry, board of advisors, Emmanule Ijewere, Adebayo Adewusi, Valentine Whensu, Uhy Maaji, world view chambers, credit consultants, Nsikak Ekure, payment and settlement banks – Skye Bank plc, Fidelity bank, executive committee to the fund – Capstone, VCL, Infinity, Echo, Karies, Owotutu, Unicredit Microfinance banks. The NAMBLAG/BGL trust fund will provide shirt term, medium and long term funds to microfinance banks at a single rate.

It was packed with the active support of international donors, agencies, Non Governmental Agencies (NGOs), and corporate bodies that are willing to support poverty alleviation, empowerment of the active poor and provide banking services to the underbanked.

“It is the first private fund initiative in Africa. It is going to be a landmark success. We want to set the pace that other countries can emulate”, said Olufemi Babajide, chairman of the Association

SOURCE: Business Day Online