Ecobank Partners LSETF to Support MSMEs in Lagos State

Ecobank Partners LSETF to Support MSMEs in Lagos State

NewsReport Nigeria | May 20, 2021

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Ecobank Nigeria and the Lagos State Employment Trust Fund (LSETF) have partnered to eliminate unemployment in the state by encouraging entrepreneurship and building capacity for Lagos-based micro, small, and medium businesses (MSMEs).

NewsReport Nigeria gathered that this comes after the signing of a Memorandum of Understanding (MoU) on a partnership in which Ecobank would make its different platforms and solutions available to LSETF for prequalified MSMEs in Lagos in order to help the organization meet its goals.

Mrs Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria, told the media at the MoU signing ceremony in Lagos that the collaboration is in keeping with the bank’s empowerment and entrepreneurial goals to reduce unemployment in various regions of the country.

“We are currently spearheading the African Union Initiative for MSMEs in Africa, which comprises a structured training and mentoring scheme as well as MSMEs funding under the aegis of the Ecobank AUDA-NEPAD Academy,” Oyedeji remarked.

This program encompasses all of the primary goals of the LSETF’s MSME intervention in one place. Ecobank has been a strong supporter of women’s empowerment and entrepreneurship initiatives to reduce unemployment in various parts of the country.

Oyedeji stated: “We are currently driving the African Union Initiative for MSMEs in Africa which includes a structured training and mentoring scheme including financing for MSMEs under the auspices of the Ecobank AUDA-NEPAD Academy.

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“This initiative comprehensively covers the main objectives of the LSETF’s Intervention in the MSME space. Ecobank has been very active in empowering existing and intending entrepreneurs all over the country under the Ecobank agency banking proposition.”

Also speaking  on the partnership Executive Secretary/CEO, LSETF, Mrs Teju Abisoye,  said,  “We are pleased to work with a leading Pan-African Bank with operations in 33 countries across Africa. Partnerships like this move us much closer to our goal and I believe that the collaboration of the government and the private sector is one that can defeat the scourge of unemployment, exponentially expand the economy and improve the quality of life of our people.”