SMEDAN reviews micro finance bank’s charges

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says administrative charges by Micro Finance Banks (MFBs) under its One Local Government, One Product (OLOP) project has been reviewed upwards to eight per cent.
Mrs Safiya Ballah, Director of Special Duties Department, SMEDAN, said in Abuja at its OLOP Stakeholders Meeting.
OLOP is a flagship programme of SMEDAN which promotes the development of at least one identified product per Local Government Area (LGA) in Nigeria, by empowering the Micro, Small and Medium Enterprises (MSMEs).
The programme which offers 70 per cent non interest loan and 30 per cent grant adds value and advance such identified raw material(s) to a branded, certified product with expanded market (including export) potentials.
The service charge being rendered by SMEDAN to the MFBs under the OLOP programme for its services to the cooperatives banks (beneficiaries) has been five percent……….TO CONTINUE READING CLICK HERE