Business Ecobank to finance SMEs

jeff juwana

Moderator
In contribution to the development of the Nigerian economy, Ecobank Nigeria Plc has finalized plans to establish a microfinance department to support small business owners in the country, which constitutes the unstructured market and are small entrepreneurs whose businesses are below the range of a million naira.

According to reports from the bank, small scale entrepreneurs will be given loan by the Development Finance Department of the Bank at a special and flexible rate. Ecobank Head, Development Finance, Felix Oyakhamoh who stated this during a chat with the media in Lagos, said small business owners that cut across artisans, traders, small time farmers among others qualify for this special window. The beneficiaries do not necessarily need collateral, but guarantors to collect the loans.


According to Oyakhamoh, the Bank has dedicated staff in select branches of the bank in the six geo-political regions of the country to attend to customers who fall within this loan bracket. He said, “We are dedicated to rejuvenation of the wealth creation process in Nigeria. Our ultimate goal is to empower as well as provide financial services to the otherwise down trodden, being part of our financial inclusion drive.”

He enjoined owners of small business that fall under the category to key into this opportunity, as it will offer other benefits such as debit cards, mobile banking and all other e-banking services that go with being a customer of the Pan African Bank.

He reiterated that this gesture by the bank is in line with its vision to build a world class pan-African bank and contribute to the economic development and financial integration of Africa. “Ecobank is a full service bank that caters to the corporate, small and medium sized enterprises (SMEs), the micro, and the growing middle class. The bank has something for everyone’s needs; that is why we are the pan-African bank”

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