The Lagos State government recently announced it has committed NGN 1.3 billion (USD 8.5 million) to the Lagos State Microfinance Institution (LASMI) for distribution to microfinance banks in Nigeria. LASMI is an agency of the Lagos State government and was established with the primary objective of providing basic financial assistance to entrepreneurs in the rural and urban areas of the state who may have difficulty accessing financial services through traditional means.
The microfinance banks receiving the funding are Integrated Microfinance Bank, GapBridge Microfinance Bank, Mic Microfinance Bank, LASU Microfinance Bank, Ojokoro Microfinance Bank, Infinity Microfinance Bank, GS Microfinance Bank and Townserve Microfinance Bank. These banks will use the funding to provide loans to customers within the guidelines established by LASMI that are intended to affect the poverty alleviation program of the State. The guidelines regarding qualified beneficiaries of the loans is not available.
By Jennifer Shevock, Research Associate
About Lagos State Microfinance Institution:
Lagos State Microfinance Institution (LASMI) was established as an agency of the Lagos State government of Nigeria in 2008 with the primary objective of providing basic financial assistance to both rural and urban entrepreneurs through support for various local microfinance institutions. In order to carry out this objective, LASMI has entered into agreement with several microfinance institutions to provide a wide range of microfinance services. No financial information is available for LASMI.
Sources and Additional Resources:
“Lagos State Government Commits 1.3 Bn ($8.5m) to MFB” September 17, 2010. http://microfinanceafrica.net/news/lagos-state-government-commits-1-3-bn-8-5m-to-mfb/
MICROCAPITAL BRIEF: “Lagos State Microfinance Institution (LASMI) in Nigeria Claims Its Loans Have Created Over 200,000 Jobs” June 11, 2010. https://www.microcapital.org/microcapital-brief-lagos-state-microfinance-institution-lasmi-in-nigeria-reaches-employment-level-over-200000/
MICROCAPITAL.ORG BRIEF: “Lagos State Government in Nigeria Provides $2.3m to Lagos State Microfinance Institution (LASMI)” December 1, 2009. https://www.microcapital.org/microcapitalorg-brief-lagos-state-government-in-nigeria-provides-23m-to-lagos-state-microfinance-institution-lasmi/
MicroCapital Universe: Lagos State Microfinance Institution: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lagos+State+Microfinance+Institution+%28LASMI%29
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