Bank empowers 300,000 SMEs with N3bn

As part of efforts to boast Small and Medium Scale  Enterprises (SMEs) a microfinance bank, Standard Life Organization (SLO) has empowered over 300,000 underprivileged persons with the sum of #3 billion.

The institution said the financial intervention will lift millions out of poverty, adding that   women accounts for 96 percent of the total number of persons that have  so far benefited in the last nine months.

The Chief Executive Officer of SLO, Oyegue Osazee stated this in Benin City during the International Day for Eradication of  Poverty.

Osazee noted that the funds will boost agricultural productivity and increase income for the beneficiaries.

According to him, “SLO has over 70 branches nationwide and “more than 300,000 people have been lifted out of poverty with women accounting for 96% as at today.

“And in the South–South, more than 150, 000 people have been lifted out of poverty through our financial intervention programme to the tune of over N1.6n.

“The intervention saw a dramatic turn-around in their petty trade, farming and fishing activities.

“In South–East , 120,000 people have equally benefited from our financial intervention activities to the tune N1,100,000,000 while the South-West has more than 30,000 women accounting for over N400,000,000 disbursement.

“Also inn Edo State specifically, over 40,000 women who are involved in petty trade and small scale agriculture have benefitted from the Standard Life scheme,” Osazee stated.

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