By Amaka Agwuegbo
Alitheia Capital has entered into strategic partnership with the Lagos State Microfinance Institution (LASMI), the agency established by the Lagos State Government to administer its microfinance scheme, to reach and impact a broader base of microfinance institutions, MFIs.
Speaking at the signing of a Memorandum of Understanding, the Managing Director, Alitheia Capital, Mrs. Tokunboh Ishmael, said â€œWe are very pleased with this agreement because it allows us to combine our technical assistance and private equity rigor with LASMIâ€™s debt capacity and network for greater impact.â€
The MOU establishes a framework for sharing information and enabling both parties to reach and impact a broader base of microfinance institutions than is possible individually. The MOU reflects the commitment of Alitheia and LASMI to empower the base of the economic pyramid.
The Executive Chairman of LASMI, Mr. S. Alabi-MacFoy, said the partnership will enable LASMI improve in the area of evaluating the capacity building achieved by MFIs.Â â€œThis working relationship with Alitheia will, in no small measure, boost the operation of LASMI in the area of evaluating the capacity building achieved by MFIs, especially those we partner with and those that will be considered for partnership in future. Our relationship could also extend to the area of setting up a private equity fund for lending to MFBs thereby benefitting a wider population of micro entrepreneursâ€.
It would be recalled that Alitheia Capital recently launched the Alitheia Goodwell Microfinance Fund, a $50 million fund with a mandate to invest in entrepreneurial MFIs with the potential to generate attractive returns and positive social impact.
LASMI aims to alleviate poverty by empowering the active poor and has entered into agreements with selected microfinance banks and institutions licensed by the Central Bank of Nigeria to provide microfinance related services to micro scale clients within Lagos State.