As part of the efforts to grow Small
enterprises to Medium and Large enterprise in Nigeria, MTN Nigeria has partnered
with LAPO Microfinance Bank to extend loans obtained from the Central Bank of
Nigeria (CBN)’s Micro Small and Medium Enterprise Fund (MSMEDF) to its
retailers.
This resulted in the initiative ‘MTN
BizGrow’, a SME credit product designed to meet the funding needs of MTN
retailers.
The partnership will enable the
operator’s retailers to access credit by leveraging the small and medium
enterprise development initiative of the CBN.
The partnership event held at Oriental
Hotel had in attendance the Sales and Distribution Executive, MTN
Nigeria; ‘Tsola Barrow; Managing Director of LAPO Microfinance Bank, Godwin
Ehigiamusoe, representatives from CBN and other MTN retailers.
LAPO is the first partner engaged by
MTN to extend the loan facility obtained under the CBN’s SME development fund
programme to provide funds to MTN retailers. To access the loan, participants
must be MTN retailers and must have been in business for a minimum 12 months.
The participant must open an account
with LAPO and must provide a guarantor. The loans can be accessed at any LAPO
branch in the 28 states in Nigeria. Loans will be a minimum of NGN 50,000 and a
maximum of NGN 100,000, with no tangible collateral required.
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