The Advans La Fayette Microfinance Bank has pledged to increase financial support for small and medium scale businesses in Lagos State.
Speaking at the opening of the Lagos One branch in Victoria Island recently,
the Chief Executive Officer, Advans, Mr. Guillaume Valence, explained that the bank would be willing to give out facilities on the basis of no collateral to sustain businesses.
He said: “One of the things we will be doing differently is that you can get a loan without savings. If you look at the micro finance banks, you have to own an account and save for certain months before accessing loan facilities.
“Advans is coming into the market with a different way to handle the business. We are bringing in more efficient operations. What matters is that the working capital of people we are collaborating with is actually growing, and this is paramount.”
Also speaking at the event, the Deputy Chief Executive Officer, Advans, Mr. Obinna Ukachukwu, emphasised that the loan facilities would be through selection methodology.
“In micro finance banks, we are actually recapitalising. We at Advans are ahead of the capitalisation and we will continue to meet regulator’s requirement on capitalisation.
“Concerning loan default, if we look at the market, we will see that there are a lot of advantages on collateral base lending and people make decisions based on the kind of collateral they can actually get.
“We take loans, but we emphasise on selection methodology. We are very practical about businesses we give loans to. We select businesses that are sustainable,” he said.
The French Ambassador to Nigeria, Mr. Jerome Pasquier, during the opening program applauded the micro finance bank for its financial interventions since inception.
“When I visited the Advans branch in Ibadan months ago, I was very impressed by the achievements in Oyo State. My meeting with the staffs and clients are good stories to tell. When I heard Advans has been awarded license to operate beyond Oyo State.