Petty business gets a boost

Small scale businesses in Lagos can now access easy cash for their operations as CashCow, a microfinance bank, begins operation on Tuesday, in their Obalende office.

CashCow micro finance bank, according to Wale Adeduro, the chairman of the bank, is a model bank aimed at providing loan and business advice to petty trades especially women. “Our name CashCow reflects our orientation and mission. CashCow means source of steady profit and a profitable business or product with low overhead often used to fund other businesses and investment.

“Our mission statement is Godly systems. Passionate people. Dependable Technology. We are in the business of microfinance banking to deliver great value to God and the people. We believe that banking is not a show business neither is it a public relations field; we are not in a hurry to declare super profit neither are we planning not to make profit. It is just that we shall make haste slowly.

“99 percent of our credit will go to women petty traders because we believe that if a woman is doing well in her business, there will be a multiplier effects on her family and the society at large,” Mr. Adeduro said.

Isa Yahaya, a petty trader at Obalende market, said he came to open an account with the bank because their products are good. “I come open the Cash and Go account because before the bank start, their staff come tell us say we fit get money do our business quick quick.

Na provisions I dey sell for Obalende and I want make my business grow, so that is why I come open the account with this CashCow people.”

Another trader, Bisi Ogunleye said she is opening an account with bank to start a poultry business. “I live at Agege and I used to sweep in a government office. But I became tired of the work and decided to start a business.

I have sold pure water but I saw my friend doing well in her poultry business so I decided to start my own. I want just ₦20,000 to start my business and the bank said I can get it so I am happy to open this account with ₦1000 so that I can get a loan for my business,” Mrs. Ogunleye said.

Mr. Adeduro said the bank has 12 products to meet the need of the customers individually and collectively. “Our products include, the Good Women Account, the Future Leader Account, Flourish Multilevel Cash Train, Group/Cooperative and Society Account, the Nehemiah account for (church) ministries among others aimed at assisting petty traders to access quick loan,” he said.

CashCow Microfinance Bank Limited was incorporated in Nigeria on December 03, 2008 and granted full banking licence on May 19, 2009.