Ecobank Establish Microfinance Department for SMEs In Nigeria

In line with its vision to build a pan-African bank that will contribute to the economic development and financial integration of Africa, Ecobank Nigeria has set up a microfinance department to support small business owners in Nigeria.

Ecobank in a statement said, the new department, Development Finance Department,  will give out small loans to the unstructured market and involves small entrepreneurs whose businesses are below the range of a million naira - at special and flexible rates and the use of identification methods.

Beneficiaries will also get all other bank incentives like debit cards, mobile banking and all other e-banking services that go with being a customer of the Pan African Bank.

Ecobank Head, Development Finance, Felix Oyakhamoh, said small business owners that cut across artisans, traders, small time farmers amongst others qualified for the special window. The beneficiaries do not necessarily need collaterals, but guarantors to collect the loans.

Oyakhamoh said the bank had dedicated some of its workers in select branches of the bank in the six geo-political regions of the country to attend to customers who fall within the loan bracket.

“We are dedicated to the rejuvenation of the wealth creation process in Nigeria. Our ultimate goal is to empower as well as provide financial services to the otherwise down trodden, being part of our financial inclusion drive.”

He encouraged small business owners to embrace the opportunity by walking into any Ecobank branch for detailed information on how to benefit from the special scheme.