Unity Bank, BoI Boost Small Business Growth

Unity bank
  • Unity Bank, BoI Boost Small Business Growth

Unity Bank Plc is set to partner the Bank of Industry for the execution of the Government Enterprise and Empowerment Programme, one of the social intervention programmes of the Federal Government.

The development followed the signing of a Memorandum of Understanding between the BoI and the lender.

GEEP provides access to affordable micro credit to micro business owners who hitherto were unable to access loans to grow their firms.

Under the partnership, Unity Bank will provide account opening services to qualified beneficiaries of GEEP nationwide.

According to a statement by the bank, the individual bank accounts will serve as channels for beneficiaries to receive loans disbursed by the BoI.

“Beneficiaries will also make loan repayments through these bank accounts. Unity Bank will also provide Bank Verification Number registration services for beneficiaries who require such, thereby increasing the financial inclusion in Nigeria,” the statement added.

Unity Bank said its participation in the scheme was in line with the objective of supporting the Micro, Small and Medium-scale Enterprises to access affordable funding.

The Managing Director/Chief Executive Officer, Unity Bank, Mrs. Tomi Somefun, was quoted as saying that the lender had continued to differentiate itself in the market place in line with its strategic business focus on agriculture, retail/SME and rural economy.

Somefun said the success of the partnership with the BoI was testament to the fact that despite the difficulties of accessing credits by this segment of the market, the good knowledge and understanding of different players in the market segments and ability to harness inherent opportunities were working for the bank.

The Managing Director, BoI, Mr. Kayode Pitan, said the partnership on GEEP would further enhance access to financial services to qualified beneficiaries and support the BoI’s mandate for GEEP loans to reach 1.6 million beneficiaries nationwide.

According to him, there are better days ahead in mutual funds if investors maximise their opportunities now.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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