Mrs. Abimbola Fashola (R) cutting the tape to launch the FBN Microfinance Bank Limited.
Mrs. Abimbola Fashola (2nd L) addressing newsmen after at a ceremony to launch the FBN Microfinance Bank Limited.Dec 14, 2009 - Launch Of FBN Microfinance Bank Limited
Today is indeed a day of joy for the good people of Lagos State particularly small scale entrepreneurs whose ability to access credit will be further enhanced with the birth of FBN Microfinance Bank in Lagos.
Small and Medium Enterprises have been identified as catalysts for economic growth and development particularly in developing countries. Enterprises in countries such as Asia are good examples of the profound roles SMEs play. Big companies we see around today started as small scale enterprises. Given all the encouragement, support and motivation the small enterprises of today will also grow into big multinational companies tomorrow.
However, one major challenge small scale entrepreneurs have always had to contend with is the lack of access to credits from financial institutions coupled with the challenges of inadequate infrastructure over the years, has created stumbling blocks to the ability of individuals to unleash their potentials with the attendant of negative consequences on the economy which includes high rate of unemployment, poverty and low productivity etc.
Today in Lagos State, so much is being done by our government in the areas of infrastructural development, renewal and security among others to create an enabling environment for businesses of all sizes to flourish. The progress being made in these very vital areas will however remain incomplete if micro entrepreneurs are not able to access the necessary capital to start off and sustain their businesses on the path of growth.
In view of this, the state government established the Lagos State Microfinance Institution (LASMI) with the sole purpose of providing credit facilities to people who apply for it.
I believe the evolving and growing microfinance institutions including the FBN Microfinance Bank in Lagos being launched today is a good development that will open doors of opportunities for micro entrepreneurs whose peculiar characteristics will now be given due consideration in processing their requests for credit facilities.
Once again, I hereby join friends and customers of First Bank of Nigeria in congratulating the Chairman, Managing Director, Management and staff on this very auspicious occasion. Wishing you all the best as you open the doors of this newly inaugurated microfinance bank to women and numerous microfinance entrepreneurs in Lagos State.
I wish you all merry Christmas and a prosperous New Year.
Thank you and God bless you all.
Her Excellency
Mrs. Abimbola Fashola
First Lady of Lagos State