LAGOS, JUNE 29, 2018 – Fadama III farmers in Lagos are working on establishing a microfinance bank, President, Lagos State Apex Fadama Community Association, Lanre Ogunbiade has said.
He made this known at the sidelines of the inauguation of the new executive of the asocation in lagos.
With the bank, he said Fadama farmers would get soft loans cheap interest rates.
He said the effect of the development would be adequate financial empowerment of the farmers to improve and increase food production.
He said the bank will provide affordable financial services to farmers.
Like commercial banks, he said the microfinance institutions will be independent and provide loans to small entrepreneurs.
According to him, the directors would be chosen from the association
THE Central Bank of Nigeria (CBN) and the Lagos Government were expected to give them the nod to operate the microfinance bank.
He is optimistic that the bank will commence operation soon.
