IBILE stands for:
Lagos Island and
Epe; representing the five divisions in Lagos State.
IBILE Microfinance Bank Limited services are simple, robust and customized to serve the poor, the farmers in rural Lagos, the middle class, the public servants, the start-ups, small and medium scale enterprises and the venturing entrepreneurs in Lagos state to grow the micro economic sector of the state both spontaneously and progressively.
As part of fulfilling the Lagos State Government’s promise to alleviate poverty through economic empowerment of the people of Lagos State. The Lagos State Government established a N25 billion Lagos State Employment Trust Fund (LSETF) to invest in the businesses of small and medium scale entrepreneurs who currently reside in Lagos. The Fund will also help to train residents to qualify them for better jobs.
In furtherance of this objective, the government of Lagos State approved the set-up of IBILE Microfinance Bank Limited to serve as the principal disbursement vehicle of the LSETF, towards actualizing this promise. Consequently, an application for a State Microfinance Bank license was made to the Central Bank of Nigeria (CBN) with final approval obtained on Jan 31, 2017.
IBILE Microfinance Bank Limited have designed fitting financial products to meet the diversified and dynamic economy of the micro sectors in Lagos state. The bank is managed by industry seasoned professionals with the objective to facilitate financial inclusion services, serve the Micro Small and Medium Scale industry (MSMSE) and empowered to grow and sustain the gross domestic product (GDP) of the fifth largest economy in Africa.