- Osun Set to Disburse N615m Soft Loans to Small Businesses
Osun State Government is set to begin the disbursement of over N615 million to micro and small businesses, General Manager of Osun Micro-credit Agency, Mr. Dayo Babaranti said at the weekend.
Babaranti added that the state had so far given out about N4.8 billion to about 28,000 residents to support their businesses.
He said the N615.150 million received from the Central Bank of Nigeria (CBN) is a part payment from the N2 billion revolving Micro Small Medium Enterprise Development Fund (MSMEDF) loan being given to states by the apex bank.
Babaranti, who spoke in his office in Osogbo, the state capital, added that since 2014, the Federal Government, through the CBN, had been releasing intervention funds (MSMEDF) to support socio-economic activities in states.
The General Manager said the N4.8 billion received through the CBN microcredit scheme was disbursed to citizens as soft loans to support small businesses.
According to him, Osun was rated first among the 36 benefiting states of the CBN’s MSMEDF because of its promptness and diligence in repayment and for using the funds for the primary purpose it was meant.
Speaking on the terms and conditions for accessing the loan, Babaranti said the agency had maintained simple and bearable requirements for the citizens, adding that the scheme had helped to rekindle the hope among the citizens who were unable to meet the condition to obtain loans from commercial banks.
He said: “This scheme has been really helpful in boosting socio-economic activities in the state as thousands of people have benefited from it. Our state has received N4.8 billion since the intervention of the CBN on MSMEDF began in 2014, and so far so good, over 28,000 people have benefited from this scheme.
“We have recorded over 70 per cent repayment by beneficiaries. We divide our lending scheme into three categories to accommodate all sectors and these include: individual lending, group lending and SME lending. The maximum amount individual lenders can benefit from this agency isN500,000 and this must be paid back within one year.
“We are empowered to give from zero to N5 million to those who are operating Small and Medium Enterprise, while those under the umbrella of co-operative or group can access limitless funds depending on the strength of their membership.”
“This scheme has helped our people to expand the scope of their businesses, reduce unemployment, eradicate poverty, banish hunger and create a sense of belonging for all. It has helped to improve on the capital of the participating microfinance banks, which has translated into increased sales volume.
“We have made significant improvement on the Internally Generated Revenue (IGR) of the state through tax payments from the income earned by the beneficiaries. Through this scheme, the nine per cent interest of the facility has forced all microfinance banks in the state to review downwards their hitherto high-interest rates.”
Standard Bank Appoints Sanni Chief Executive for Africa
The Standard Bank Group, Africa’s largest bank by assets has appointed Yinka Sanni as its new Chief Executive for Africa Regions and a member of the Group Leadership Council.
Sanni, the group’s Regional Chief Executive for West Africa, takes over from Sola David-Borha, who is retiring after 31 years of service to the banking group.
This was disclosed in a statement.
Sanni holds a B. Agric. (Hons) degree in Agricultural Economics from the University of Nigeria and an MBA from Obafemi Awolowo University. He attended the Advanced Management Programme at Harvard Business School in 2009, and the Global CEO Programme at the Wharton School in 2017. He has over 30 years of experience in the financial sector across wholesale, retail and asset management, and joined Standard Bank Group’s Nigerian subsidiary, Stanbic IBTC Bank Plc, in December 1990.
In a note to employees, Standard Bank Group CEO, Sim Tshabalala, congratulated Sanni on his appointment and thanked David-Borha for her extraordinary contributions to the group.
“Sola was appointed as the Chief Executive of Africa Regions in January 2017 and is one of the group’s most deeply expert and experienced bankers,” Tshabalala said.
“Under her leadership, the Africa Regions portfolio has grown remarkably in capacity, market share and contribution to the group’s headline earnings.”
David-Borha has been a passionate advocate of culture change and executive leadership development, having sponsored the ‘Last Mile’ programme, which has resulted in the successful promotion of talented people into both Regional Chief Executive and Country Chief Executive positions, including the appointment of two female Chief Executives in the Africa Regions business.
“It has been a great honour and privilege to serve and contribute to the growth of the Standard Bank Group,” David-Borha said.
“I am delighted to be handing over to Yinka Sanni, an exceptional, authentic and experienced leader who will take the baton forward in driving Africa’s growth.”
David-Borha will remain with the group until the end of June to ensure a successful leadership transition and handover process. Sanni’s appointment is effective from today, 15 April.
Experts to Provide Insights on Tech & Digital Transformation at MSME Dialogue 3.0
The third edition of MSME Dialogue will take place on Saturday, April 24, 2021 at 10am (WAT). Experts at the virtual event will provide insights while discussing the theme: Powering MSMEs with Technology and Digital Transformation.
The event, which is organized by MSME Africa, is expected to have owners and managers of Micro, Small and Medium Enterprises, Entrepreneurs and Business owners from different sector in attendance.
MSME Dialogue which holds every quarter, seeks to address, burning and relevant issues about entrepreneurship and running a small business as well as proffering solutions to those issues.
The event aims to provide the right knowledge and know-how for MSMEs, Entrepreneurs, and Startups to enable them to grow and thrive and features subject matter experts, seasoned entrepreneurs, professionals, and players within the MSME Ecosystem.
The speakers expected at the event are: Akeem Lawal, Divisional CEO, Interswitch Group, Rex Mafiana: CEO, FPG Technologies, Fatma Nasujo, Global Head of Operational Excellence at Sokowatch, Kenya, David Lanre Messan, CEO, FirstFounders, Bisoye Coker, CEO/Co-founder, Kiakia FX. The session will be moderated by Solape Akinpelu: CEO/Founder, HerVest.
According to the convener of the event who is also the founder of MSME Africa, Seye Olurotimi “Every business owner who is serious with their business would agree with me that technology and digital transformation are important factors for business growth and success. We all can’t all run or won Tech startups but we can always drive our businesses and operations with Technology and Digital Tools”
“Tech-driven Businesses are making waves and turning in almost unbelievable results against all odds. Businesses who have embraced technology, automation and digital transformation are enjoying unquantifiable advantages. It is because of this that I am calling on business owners and managers to join us at the 3rd Edition of MSME Dialogue, on Saturday April 24, 2021 at 10am ( WAT), as we bring in experts to provide insights on this theme” Olurotimi added.
MSME Africa is a multi-faceted resource platform for Micro, Small, and Medium Enterprises (MSME) in Africa providing capacity development, news, opportunities, business articles and other resources for MSMEs, entrepreneurs, and startups.
Olurotimi said the platform was poised to build the biggest network and community of MSMEs in Africa in the nearest future.
Ericsson Launches Automation Hub in Nigeria
Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.
Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance and orchestration of network services.
This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real time and as a result, offer an enhanced consumer experience.
Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.
Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences. Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage digital transformation to turn complexities into opportunities while offering a greater experience and value to consumers.”
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