BENIN CITY—THE Central Bank of Nigeria, CBN, has been commended for its efforts to foster a friendly atmosphere for small and medium scale enterprises with the introduction of the N220 billion Micro, Small and Medium Scale Enterprises scheme for micro finance banks operating in the country.

The Managing Director of the Lift Above Poverty Organisation, LAPO, a None Governmental Organization, Mr Godwin Ehigiamusoe, who gave the commendation at a lecture/send off party in honour of staff, Agharese Aikephiomwan Osifo, said LAPO Microfinance Bank has repositioned the micro, small and medium enterprises by ensuring that, “micro-finance as a term no longer sound esoteric in the ears of the public.”

He said the growth and awareness of the Microfinance banks in the country have been improved upon by the CBN, product and schemes, which provide the lowest lending interest rate for micro businesses at nine percent per month, noting that the interest rate by the CBN is to ensure, “empowerment for household to community level and eventually to the political space.”