Lagos State Governor, Akinwunmi Ambode, has revealed that the state will establish a microfinance bank to help artisans and small business operators, while also confirming that plans for setting up the bank had been concluded.

This was disclosed n a meeting with members of the business community at the 5th edition of the Lagos Corporate Assembly.

“We have met with the CBN governor and we believe we should set up a Micro-finance Bank quickly and get our license running to help the Small and Medium Entrepreneurs (SMEs) and artisans,” he said.

The microfinance bank will lend to the SMEs at a three per cent rate, as the governor expressed his interest in locally produced goods explaining that the Employment Trust Fund and the Micro-Finance bank would help reduce unemployment in the state.

Read more from VANGUARD

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.