Mkobo Microfinance Bank supports Nigerians with Lifeline Asset Finance

The first batch of beneficiaries of Lifeline Asset Finance (LAF) from Mkobo Microfinance Bank in partnership with Kwik delivery, graduated in August 2022. Mkobo finances income-generating assets for individuals and small businesses who are normally excluded by traditional banks based on lack of credit or transaction history.

One key asset we finance is motorcycles for individuals and businesses in the logistics and delivery services sector. The advent of eCommerce has led to increasing demand for logistics delivery services, especially last-mile delivery. This has created an opportunity for self-employment which will help many Nigerians to get out of poverty.

The Founder/CEO, Habeeb Adeokun, said that Mkobo has impacted over 278 Riders through the provision of lease-to-own and hire purchase of over 250 motorcycles (Okada) in the last 24 months.

According to Habeeb, “Motorcycle ownership has improved riders’ lives by providing them with an asset to generate sustainable income.” This aligns with the company’s mission – to help improve the lives of economically active Africans and help eradicate poverty which is aligned with United Nations Sustainable Development Goals (SDG-1).

During the handover ceremony, one of the riders, Agamugoro Emmanuel based in Lagos, who was unemployed for over a year before joining the program, thanked the bank for giving him the opportunity.

He said, “as a married man, it has not been easy for me to cater for my family due to the high cost of living. However, with the opportunity provided by LAF, my finances have improved. I currently earn an average of N50,000 weekly which used to be my monthly salary, before I became unemployed.”

Aside from the 12-18 months lease/hire purchase, Mkobo’s Lifeline Asset Finance (LAF) also provides Riders with fully comprehensive Insurance, Life insurance, and Medical Cover and we are also working on providing Financial literacy and a free bank account with Mkobobank launching soon. Our long-term goal is to support over 10,000 riders through LAF in the next 3 years. This will provide them with a source of livelihood and contribute to Nigeria’s economy.

As a logistics firm or mobility as a service platform, the bank can also partner with your company to provide this opportunity to a large number of people to earn a living through self-employment.

About Mkobo Microfinance Bank

Mkobo Microfinance Bank is regulated by the Central Bank of Nigeria (CBN). We began operations in 2015. At Mkobo, our goal is very simple and that is to provide simple and affordable financial services to help improve the lives of 10,000,000 ordinary Africans by 2026.

As part of our efforts to improve the financial well-being of Nigerians, we will be launching Mkobobank – a digital bank for salary earners, self-employed and entrepreneurs. Mkobobank allows salary Earners to access 50% of the accrued salary before Payday at ZERO interest!

To learn more about Life Asset Finance by Mkobo, click here.