Bank of Industry Provides N3 Billion to Jaiz Bank for MSMEs
The Bank of Industry (BoI) on Tuesday provided a N3 billion financing facility to Jaiz Bank Plc, a non-interest Islamic bank, for the development of the Micro, Small and Medium Enterprises (MSMEs) sector of the economy.
The fund would be given as loans to small business operators to grow their businesses and create wealth for the economy.
The Executive Director, BoI, Shekarau Omar, said part of the reasons for providing the facility to Jaiz Bank was BOI’s conviction that the funds would be disbursed to the target group. He said BoI understood the importance of MSMEs to the development of the economy, adding that this was why the drive to provide the sector with the much needed funding.
In line with the conviction of the management of BoI that the MSME sector held the key to economic development, the bank was ready to work with financial institutions that are willing to support the sector to achieve its potential of job creation and poverty reduction.
He said: “We are ready to partner with institutions that are ready to support and develop areas that needed support. We are comfortable this N3 billion will help Nigeria grow. Executive it and come for more.”
He stated that BoI was already in the partnership with 16 different financial institutions and so far had disbursed N3.8 billion.
Receiving the cheque from the BoI, Jaiz Bank’s Managing Director, Hassan Usman, assured that the fund would be disbursed to the targeted beneficiaries
Hassan said, “Fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs. I want to assure you that maximum benefits will be to the stakeholders. We have already started pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present. We are also intervening to provide finance to women group.”