Friday, October 18, 2019

Standard Life Organisation empowers SMEs with N3bn loans

Standard Life Organization, a microfinance institution, has so far disbursed the sum of N3 billion as loans to small, medium enterprises and agricultural value chain between January and September 2019, Oyegue Osazee, the managing director /chief executive officer, has said.
He said the money was disbursed to beneficiaries in South-South, South-East and South-West geopolitical regions. Osazee who explained that the nongovernmental and microfinance institution commenced in 2010 in Cross River state, said more than 300,000 persons have been lifted out of poverty with women accounting for 96 percent. He said that over 150,000 persons were empowered with the sum of N1,6 billion in South-South, 120,000 persons with N1.1billion in South-East while more than 30,000 women were empowered with over N400 million.
Osazee further disclosed that over 40,000 women involved in petty trading and small-scale agriculture in the three senatorial districts in Edo state benefitted from the microfinance institution’s empowerment. He added that the institution had so far offered free medical outreach ranging from medical testing, treatment as well as referrals to over 53, 000 women.

Source: Business Day News