Lagos state governor Akinwunmi Ambode has introduced the Ibile Micro finance bank as part of efforts aimed at reducing poverty and unemployment in the state.
Briefing newsmen in Alausa on Friday, the Lagos state commissioner for finance said the introduction of the micro finance bank is to galvanise activities of Micro Small and Medium Enterprises operating in the state.
The commissioner and other arrow heads of the bank added that credit will be given to residents at lower interest rates.
This position was supported by the chairman of the board and other executive members of the financial institution.
The micro finance banking institution will also serve as a vehicle for the disbursement of the 25 billion naira Lagos state employment trust fund which is meant to finance 100,000 MSMEs for the next four years..
The Lagos state government adds that this will help to fill the void left by commercial banks operating the state.