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Yobe Microfinance Bank expands to Borno, partners SMEDAN for OLOP project

Yobe Microfinance Bank expands to Borno, partners SMEDAN for OLOP project

By Bala Dauda Damaturu

The Yobe Microfinance Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Scale Enterprises Development Agency ( SMEDAN) to implement One-Local-Government One-Product (OLOP) project in Borno and Yobe.

Dr Sheriff Almuhajir, Managing Director/Chief Executive Officer (CEO), Yobe Microfinance Bank, made this in known in Damaturu.

OLOP was initiated by SMEDAN to empower Micro, Small and Medium Enterprises (MSMEs) by harnessing the full potential of products they have comparative and competitive advantages on in their respective local government areas.

Almuhajir said the MoU would provide financial and other services to MSMEs, individuals and communities in both states.

“ OLOP emphasizes bottom-top development approach (i.e. Government’s role limited to facilitation only).

“ Expected value-addition is achieved through processing using modern production technologies, quality control through relevant certifications or licenses, and product branding for domestic and foreign markets.

“ Yobe Microfinance Bank aims to provide access to affordable financial services, including savings accounts, loans, and other financial products tailored to meet the needs of the local population,” he said.

The CEO said a total of 120 MSMEs and 12 groups in Borno and Yobe would benefit from the project.

“We are excited to bring our expertise and resources to Borno State.

“Our goal is to help SMEDAN achieve its aim of supporting the SMEs in Nigeria by creating multiple products targeting Nigerians, especially women and youths, and to make a positive impact on the lives of individuals and businesses in the country.

“ We will also use this opportunity to look forward to contributing to the Borno state’s economic growth and development,” he said.

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