Bank of Industry Partners Ministry of Agric to grant Soft Loans to 100,000 MSMEs

By April 27, 2017 Investment News

The Bank of Industry,  has sealed a pact with the Rural Finance Institution Building Programme (RUFIN), an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD), to provide access to soft loans to 100,000 small businesses.

The partnership  signals the commencement of events by BoI to reach 100,000 new beneficiaries of Market Moni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of 2017, as accredited individuals will have direct access to quick, easy and interest-free loans of between N10,000 to N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

Speaking on the partnership, the Acting Managing Director, BoI, Waheed Olagunju, confirmed that the partnership is aligned with the bank’s objective of expanding access to credit for people running micro enterprises below the bottom of pyramid, majority of which are women.

He further acknowledged the pivotal role that credit facilities play in economic growth in Nigeria, saying: “BoI’s partnership with RUFIN is geared towards stimulating this process by reaching beneficiaries in rural areas across the federation and including them in Nigeria’s financial landscape”.

The National Programme Coordinator of RUFIN, Olumuyiwa Azeez, said: “We are proud that our track record has earned us this opportunity to be a channel to reach out to thousands of micro-entrepreneurs who hitherto never had opportunity of accessing fund to boost their businesses,this is in line with the Minister of Agriculture and Rural Development, Chief Audu Ogbeh’s aspiration to get life back to the rural people.

Source: Daily Trust