By Michael Eboh
Olive Microfinance Bank Limited has entered into a strategic partnership with Titanium Standard Resources in its pursuit of grassroots development, as it is committing about N20 million start-up loan to empower graduates of a vocational institute in the country.
The company also introduced a new product that is designed to cater for the needs of artisans and cooperative societies in the country.
Mr. Eniola Agbesoyin, Chief Operating Officer, Olive Microfinance Bank who disclosed this recently in Lagos at the vocational graduation ceremony of â€˜Stop Begging Foundation,â€™ disclosed that in line with the objectives of the foundation that was to promote the economic interest of members, the bank has packaged a product tagged â€˜Titanium Loans and Savings Schemeâ€™ for the benefit of members as start-up loan to help encourage them in their various vocations.
Agbesoyin noted that forming synergy with the foundation, a pet project of Titanium Standard Resources to alleviate poverty in Lagos State was a shared vision to empower the active poor to succeed in life.
He disclosed what the bank intends to achieve in the partnership was to extract people from poverty circle and launch them to a ream of prosperity through disbursement of micro- credits to artisans and corporative societies.
He noted that the start up-loan was to encourage members on how to save to build up their capacity in various areas of their vocations.
Agbesoyin listed the objective of the scheme to include providing loan facility to members for business start-up, to encourage savings among members for future expansion, growth and profitability, providing life benefits for members and their dependents through the banks target savings products, generating employment opportunities for members and their social economic well-being.
He noted that with the collective efforts of management and staff, Olive MFB had been in steady growth since it opened for business last year.
Agbesoyin called the bankâ€™s customers to take advantage of the credit facilities of the bank to grow their businesses for development.
Mr. Kolawole Olorundare, Managing Director, Titanium Standard Resources, a parent company of the foundation, said the foundation focuses on assisting Nigeria towards establishing self-reliant, successful business by equipping them with skills, training and financial crises and to build a self-reliant business environment in Nigeria to stop begging.
He noted that the idea was conceived on June 12, 1993 which was a fall out of â€˜Hope 1993â€™, adding that the foundation currently has turned out about 2,500 traineeÂ graduates with track records of success in their various field of businesses.