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MTN partners with LAPO Microfinance Bank to Fund Retailers’ Business

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As part of the efforts to grow Small enterprises to Medium and Large enterprise in Nigeria, MTN Nigeria has partnered with LAPO Microfinance Bank to extend loans obtained from the Central Bank of Nigeria (CBN)’s Micro Small and Medium Enterprise Fund (MSMEDF) to its retailers.

The initiative is known as ‘MTN BizGrow‘ which is a credit product, primarily designed to meet the funding needs of MTN retailers in partnership with credit organisations, to enable MTN retailers’ access credit by leveraging on the small and medium enterprise development initiative of the CBN.

The partnership event held at Oriental Hotel last week which had in attendance the Sales and Distribution Executive, MTN Nigeria; ‘Tsola Barrow; Managing Director of LAPO Microfinance Bank, Godwin Ehigiamusoe, representatives from CBN and other MTN retailers.

See photos from the event below:

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This partnership will provide funds to MTN retailers in order for them to boost their sales with no tangible collateral required.

However, to access the loan, participants must be MTN retailers and must have been in business for a minimum of period of 12 months. The participant in like manner must open an account with LAPO and must provide a guarantor, while the loan would be accessed at any LAPO branch in the 28 states in Nigeria.

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2 Comments

  1. Tosin

    September 24, 2015 at 7:13 am

    hot!

  2. Salawu rasaki

    September 24, 2015 at 10:14 pm

    They should ist increase sales margin from the killing rate of 3% to a living rate of 12% ,improve on their product evolution and give us access to 182. thank you

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