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Stallion, LAPO MFB Sign MOU towards Tricycles Purchase Finance

Stallion Auto Keke Limited (SAKL) has signed a Memorandum of Understanding (MoU) with LAPO Microfinance Bank (MfB) to enable the Bank to introduce, distribute and fund the purchase of SAKL Bajaj RE 250 tricycles by Nigerians who are interested in using the tricycles for commercial purposes.

LAPO MFB is a leading microfinance bank in Nigeria leveraging on LAPO’S over 500 branch network across 34 states including the Federal Capital Territory (FCT) Abuja and its Micro-credit disbursement capabilities while Stallion Auto Keke Limited (SAKL) is a reputable and globally renowned organization leading in the supply of Bajaj Brands of autos.

Mrs. Faith Osazuwa-Ojo, Executive Director, Operations, LAPO Microfinance Bank Limited, in her opening remarks at the MoU signing ceremony held at Randekhi Royal Hotel in Benin City, disclosed that the LAPO MFB partnership with SAKL underscored an alignment of a common vision of social and economic empowerment through the provision of easy and reliable platforms.

This she said, was aimed at actualizing the dreams of economic dependency of an average Nigeria in a sustainable manner.

The LAPO MFB Executive Director also explained that the MoU gives the Bank the mandate to fund the purchase of the Tricycles for clients who are expected to repay the loan within a period of between one and 18 months, adding that the interest rate is only 2.5%.

Mr. Mandar Ghadge, the Business Head, Stallion Auto Keke Limited (SAKL), on his part, expressed delight that his organization was in partnership with one of the biggest microfinance Banks in sub-Saharan Africa to make the SAKL Bajaj Re 250 tricycles available to Nigerians who are interested in using the tricycles for commercial purposes.

Ghadge pointed out that it was gratifying to note that both organizations signing the MoU were reputable Household names who could deliver on their mandate.

Ghadge, who was flanked by other officials of SAKL, said his organization which started with Rice Production in Nigeria decided to delve into automobiles because of the demands, noting that it was the beginning of their business in Benin City.

During the interactive session which followed the signing of the MoU, the Business Head, SAKL, Mr. Ghadge informed stakeholders that spare parts of the tricycles and maintenance services will not be a problem as arrangements were already in place to take care of such issues.

The highpoint of the brief ceremony was the signing of the MoU by Mrs. Faith Osazuwa-Ojo, Executive Director, Operations, LAPO Microfinance Bank Limited on behalf of the Bank while Mr. Mandar Ghadge, Business Head, Stallion Auto Keke Limited (SAKL) signed on behalf of Stallion Group.

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