MBBOV Co-operative recently marked its third anniversary, promising to continue to suppprt Nigeria’s industrial growth.
The CEO of MBBOV, Co-operative Society, Mrs. Valerie Ayodele, reaffirmed her commitment to providing loans to MSMEs in Nigeria, and stressed an urgent need to eradicate poverty while also creating opportunities for the Nigerian youths.
“I see a lot of Nigerians that have many things to give to the community but nobody is helping to achieve this dream. What we do when we see people having difficulties in paying back the loans borrowed is that we reduce the rates and the money we lend to them. We do not write them off because they defaulted. We need to change the perception that Nigerians do not pay back loans. We just have to understand the reason behind them not owing you.
“During the lockdown, we were the only cooperative society lending people money and opening branches. You just have to key in by understanding the needs of these borrowers. We have so far given out millions of naira with over 90 per cent recovery of these loans. We are out there to create opportunities because we believe together we can create a lot. We want to eradicate poverty while also creating wealth,” Ayodele said.
The chairman, Nigerian Diaspora Direct Investment Summit, Bimbo Roberts, also said banks must make access to finance available for many Micro Small and Medium Enterprises, describing them as catalysts for economic development.