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Olufemi Babajide, the Chairman, National Association of Microfinance Banks, (NAMB), South-West Chapter, said the association has begun the sale of gas cylinders to their customers at subsidised rates. Babajide, who disclosed this on Friday in Lagos, said that the cylinders were to be paid for in six months.

He said that the initiative was to provide opportunity for those who could not afford quality gas cylinders to own one.

He said that the project was being executed in collaboration with OANDO Plc and an undisclosed first generation bank.

The NAMB chief said that a three-kilogramme cylinder was sold for N6,800 instead of about N8,000.

“The initiative in the renewable energy is a demonstration of the association’s commitment to the well-being of its esteemed customers. “It is an arrangement between the association, OANDO and a leading first generation bank in the country.

“OANDO supplied the products to the association and get paid by the bank instantly, while the association, in turn, sell the cylinders and refund the money to the bank. “The initiative is actually putting smile on the faces of our customers,” he said.

Bababjide said that the association had also concluded plan with the United Nations Development Progamme (UNDP) on the delivery of electrical equipment to its customers at reduced cost. He said that the project would commence as soon as the association secured the services of reliable vendors.

(NAN)