Olive Microfinance Bank said it had empowered about 800 fish farmers in Ibeju Lekki fishing area of Lagos State with over N40 million this year even as the bank has concluded plans to establish a branch in Akodo town.
The Managing Director of the Bank, Mr. Eniola Agbesoyin, who disclosed this recently at the bank’s customer’s forum organised for the farmers in Akodo, said the corporate action was in line with the vision of the bank to empower the active poor to succeed in life.
He stated that the fund was disbursed to assist the fish farmers in provision of working capital, finance-lease to procure boats, engine boats, nets and processing of the products and also provision of funds for buyers of the products for storage facilities.
Agbesoyin said that what the bank intends to achieve with the partnership was to take people away from poverty circle and launch them to a realm of prosperity through disbursement of micro- credits to artisans and corporative societies.
The bank, he said, aims to sustain empowerment of its customers to access micro-credit products and other financial services through innovative financial solutions to meet their short and medium term project financing requirements.
Agbesoyin added that one of the bank’s overall objectives also includes identifying, diagnosing, valuing and recommending businesses to its customers as well as ensuring that acquisitions, disposals and speculative activities are carried out profitably for the benefit of the customers and the bank.
He promised the group that aside from the advisory role the bank perform; it will also continue to assist them financially to sustain the empowerment, adding that that was why the bank has resolved to be the first to establish a new branch at their door step.
He said despite the inclement operating environment, the bank's future remains very positive.