Why UNILAG established a microfinance bank, by VC

Why UNILAG established a microfinance bank, by VC

The  Vice Chancellor, University of Lagos (UNILAG), Prof. Folasade Ogunsola, has explained why the institution established a microfinance bank (mfb).

She said it was to make the institution self-sustaining and discourage youths from migrating abroad, popularly known as the Japa syndrome, by providing jobs for some of the varsity graduates.

She spoke when the bank hosted its first managing director, Mr. Tunji Jayeola, who retired recently and some directors, including Prof. Solomon Wale Okunuga, Prof. Bola Oboh, and Mr. Segun Odusanya.

Ogunsola sought patronage for the three-year-old bank. “Let us patronise our bank. I am convinced that the future of the bank is bright in view of those we brought in,’’ she said.

The bank’s Managing Director/CEO, Seun Adekanbi, recalled that the bank, which was established in April 2020, was licensed and commenced operations in April 2021. Among other achievements, it has grown its balance sheet to N500 million and opened a branch outside the campus. While canvassing support for the Mfb, Adekanbi said: “UNILAG Mfb is a bank of the future; an evolving bank. We guarantee you satisfaction, convenience/simplicity and confidentiality.’’

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