Primlaks, Fortis MFB Sign MoU on Wealth Creation

In a bid to improve the living standards of Nigerian women, Primlaks has signed a Memorandum of Understanding (MoU) with GEMS 4 and Fortis Microfinance Bank, to create wealth opportunities for 129,000 indigent women in eight states across the country.

At its initial stage, the partnership hopes to impact the lives of 63,000 women entrepreneurs at grassroots locations that will include, Kubwa, Maraba, Kuje, Kabusa, Gwagwalada and Abaji; all in the FCT.

Speaking at the MoU signing ceremony in Abuja over the weekend, the Executive Consulting Adviser to the Primlaks Group, Mr. Piyush Nair, said the partnership would create more women entrepreneurs at the grassroots level who can boldly reshape their circumstances by leveraging available opportunities.

"Our partnership will create an avenue to wealth for indigent business women, especially because it provides direct manufacturer-distributor interface as well as distributor-financier alignment," he said adding, "The resultant cooperative scheme will enable women at the grassroots to access Primlaks' diverse products."

To commence the scheme, Nair disclosed that the women would be offered the company's d.light range of solar powered lanterns which comes in three models, S300, S20 and S1 through the platform of the Fortis-Micro-Distributors Savings Account (MIDISA).

"In practical terms, this translates to better pricing, instalment payments, access to soft loans, pooling of resources through a cooperative system and training on sales techniques," he said, stressing, "The partnership will provide a platform for women, especially at the grassroots, to enjoy a better life and contribute towards building their homes and families."

Also at the event, the Group Chief Executive Officer of Primlaks, Mr. Ravi Hemnani, said, "The participation of Primlaks in this women empowerment project is in line with our social objective of a positive return to society.

"We are focused on Food, Shelter and Light; essentials for better living and see many opportunities to partner with Fortis, FMTI, DfID- GEMS 4 to educate, train and create jobs for women across Nigeria."