Heritage Bank, HIS, Tuchi Partner on Mass Transit

Relief is on the way for over seven million passengers plying Lagos roads on daily basis as Heritage Investment Services Limited (HIS) has signed a memorandum of understanding (MoU) with Tuchi Technologies Nigeria Limited to provide affordable mass transit for commuters in Lagos metropolis. Heritage Bank Plc is the banker to the project.

Besides HIS and Tuchi, other parties to the MoU are Solola & Akpana legal advisers; Kedari Capital financial advisers and Hedgestone Capital Partners Limited, one of the prospective investors in the project.

The affordable mass transit allows passengers to make an e-hailing in order to book for the Lagos State coloured buses in the Lagos metropolis within the state.

In a statement by the Divisional Head, Corporate Communications of the bank, Fela Ibidapo, Heritage bank was focused on achieving its primary role of financial intermediation through intervention in the transportation sector, which will create jobs and bring about economic growth for the state.

According to him, this is a milestone achievement for the bank in supporting the commuting experience; challenges inherent in the sector and social well-being of more than seven million of Lagos residents who rely on public transport daily.

Speaking at the signing ceremony in Lagos last week, Mr. Olusegun Akanji, a director of HIS, said the company is an investment vehicle committed to impact investing to support small and medium scale enterprises (SMEs) in a bid to create new set of businesses that are technologically-oriented.

Source: The Nation