The government of the Nigerian state of Lagos, in partnership with its Lagos State Microfinance Institution (LASMI), has reportedly established a microcredit fund for artisans with the aim of alleviating poverty in the state. As part of the effort, LASMI has entered into agreements with the following eight microfinance institutions (MFIs), each of which is licensed by the Central Bank of Nigeria: Integrated Micro-Finance Bank, GapBridge Micro-Finance Bank, MIC Micro-Finance Bank, LASU Micro-Finance Bank, Ojokoro Micro-Finance Bank, Infinity Micro-Finance Bank, GS Micro-Finance Bank and Townserve Micro-Finance. The MFIs, known locally as “agency banks,” will design and promote programs to provide financing, training and other related services aimed at the economically disadvantaged. The size of the fund has not been disclosed.
By: Philip Edward Hughes III, Research Assistant
About LASMI:
Lagos State Microfinance Institution (LASMI) was established as an agency of the government of the Nigerian state of Lagos in 2008 with the primary objective of providing basic financial assistance to people in both rural and urban areas. In order to carry out this objective, LASMI has entered into agreement with several microfinance institutions to provide a range of microfinance services. No financial information is available for LASMI.
Sources and Additional Resources:
[1] Source Article: Vanguard: “Lagos Establishes Micro-Credit Fund”, http://www.vanguardngr.com/2011/07/lagos-establishes-micro-credit-fund/
[2] Source Article: Vanguard: “LASMI partners LASCOFED on Micro-Credit Fund”, http://www.vanguardngr.com/2011/07/lasmi-partners-lascofed-on-micro-credit-fund/
MicroCapital Universe: Lagos State Microfinance Institution (LASMI):
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lagos+State+Microfinance+Institution+%28LASMI%29
MicroCapital.org Brief, March 22, 2011, “Nigeria’s Lagos State Microfinance Institution (LASMI) to Partner with “Financially Capable” Microfinance Institutions (MFIs)”, https://www.microcapital.org/microcapital-brief-nigeria’s-lagos-state-microfinance-institution-lasmi-to-partner-with-“financially-capable”-microfinance-institutions-mfis/
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “Gendered Investment Differences Among Smallholder Farmers: Evidence from a Microcredit Programme in Western Kenya,” by Keiji Jindo et al
- MICROFINANCE PAPER WRAP-UP: “Impact of Microcredit on Household Consumption and Assets in Nepal;” by Shalik Ram Pokhrel
- MICROCAPITAL BRIEF: Activists Block Access to 3 Microfinance Institution Branches in Nepal, Accusing MFIs of Causing Over-indebtedness
- MICROFINANCE PAPER WRAP-UP: “Impacts of Microcredit Access on Climate Change Adaptation Strategies Adoption and Rice Yield in Kwara State, Nigeria,” by Adejoke Yewande Bakare et al
- MICROFINANCE PAPER WRAP-UP: “The Relationship Between Financial and Social Performances in Microfinance: Insights from the Provision of Agricultural Loans in Cambodia,” by Tristan Caballero-Montes
