The UNILAG Microfinance Bank has initiated a mass market drive aimed at enhancing financial inclusion and providing accessible banking services to the underserved populations in Lagos, particularly focusing on areas like Mushin Market. This initiative is part of a broader strategy to empower local businesses and individuals by offering tailored financial products that meet their specific needs.

Objectives of the Drive

1. Financial Inclusion: The primary goal is to bring banking services closer to the people, especially those who may not have access to traditional banking facilities. By setting up operations in high-traffic areas like Mushin Market, UNILAG Microfinance Bank aims to reach a larger audience.
2. Support for Local Businesses: The bank seeks to provide working capital loans that are essential for small and medium-sized enterprises (SMEs) operating within the market. These loans come with business-friendly interest rates and flexible repayment terms, making it easier for entrepreneurs to manage their cash flow and invest in growth.
3. Digital Payment Solutions: As part of its offerings, UNILAG Microfinance Bank provides a comprehensive digital payment platform through UMFB POS systems. This allows merchants in Mushin Market to accept payments via various methods, including cards (both local and international), bank transfers, mobile payments, and QR codes. This versatility enhances customer convenience and encourages more transactions.

Implementation Strategy

1. On-Site Banking Services: The bank has established temporary kiosks or mobile banking units within Mushin Market where customers can open accounts quickly—often within minutes—and access round-the-clock support for any inquiries or issues they may face.
2. Community Engagement: To ensure the success of this initiative, UNILAG Microfinance Bank engages with community leaders and local business associations to raise awareness about the benefits of using their services. Educational workshops may also be conducted to inform potential customers about financial literacy, savings plans, and loan applications.
3. Promotional Offers: To attract new customers during this drive, promotional offers such as reduced fees for account opening or special interest rates on initial loans may be introduced. These incentives are designed to encourage participation from market vendors and small business owners who might be hesitant about engaging with formal banking systems.
4. Feedback Mechanism: Establishing a feedback loop is crucial for understanding customer needs better and improving service delivery. The bank can utilize surveys or direct interactions at the market locations to gather insights from users regarding their experiences with the services offered.

Expected Outcomes

The mass market drive at Mushin Market is expected to yield several positive outcomes:

• Increased number of account openings among local residents and business owners.
• Enhanced economic activity within the market due to improved access to capital.
• Greater adoption of digital payment solutions among merchants, leading to increased sales.
• Strengthened relationships between UNILAG Microfinance Bank and the local community through ongoing engagement efforts.

In conclusion, UNILAG Microfinance Bank’s mass market drive at Mushin Market represents a significant step towards fostering financial inclusion in Lagos by providing essential banking services tailored for local needs while supporting economic growth in one of Nigeria’s bustling markets.