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UBA To Give Loans To Traders

Posted by By Bayo Adetu on 2008/10/22 | Views: 2498 |

UBA To Give Loans To Traders


Respite has come the way of cash-strapped traders in Lagos, as the United Bank for Africa (UBA) has concluded plans to launch its Micro-Finance Bank.

Respite has come the way of cash-strapped traders in Lagos, as the United Bank for Africa (UBA) has concluded plans to launch its Micro-Finance Bank.

P.M.News gathered that the purpose of the micro-finance bank, which will be erected in major markets in the state, is to give loan facilities to traders.

According to the Managing Director of the bank, Mrs. Lizzy Ozuni, the traders don’t have to present collateral to get loans from the bank, as far as they are bonafide traders.

While acknowledging the fact that most traders are not fond of depositing money in banks, she said the micro-finance bank is designed to engender a saving culture in them, and as well educate them on the importance and how to use the Automated Teller Machine (ATM), which will also be stationed in markets.

“It is a step-by-step approach and I can assure you that within a very short period of time, these market women would have known how to use it very well.

“We have discovered that most of them find it difficult going to banks to save money, but with this micro-finance bank at their doorsteps, they can begin to save, no matter how little,” she said.

Mrs. Ozuni assured that the micro-finance bank will also serve as source of employment to the children of the traders. They can bring their children to work in the marketing department. All we require from them is at least, an Ordinary National Diploma (OND),” she added.

In his reaction, the Babaloja-General of Lagos state, Alhaji Wasiu Awusa Balogun, commended the authorities of UBA for their innovation.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.