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/
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