Lagos farmers mull microfinance bank

Fadama III farmers in Lagos are  working  on  establishing a microfinance bank, President, Lagos State Apex Fadama Community Association, Lanre  Ogunbiade   has said.

He    made this known at the sidelines of the inauguation of the new executive of the asocation in lagos.

With the bank, he said Fadama farmers would get soft loans cheap interest rates.

He   said the effect of the development would be adequate financial empowerment of the farmers to improve and increase food production.

He said the bank  will   provide  affordable financial services to  farmers.

Like commercial banks, he said the microfinance institutions will  be  independent and provide loans to small entrepreneurs.

According to him,  the directors  would be  chosen from the association

THE  Central Bank of Nigeria (CBN) and the Lagos Government were expected to give them the nod to operate the microfinance bank.

He is optimistic that the bank will commence operation soon.

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