A petroleum product retailer, Oando Marketing Plc, has signed a Memorandum of Understanding with the National Association of Microfinance Banks to encourage the mass consumption of Liquefied Petroleum Gas in the country.
The most significant aspect of the MoU is that low income earners can now own the O-Gas three-in-one cylinder by approaching any of the microfinance banks with only N200 as initial deposit and walk away with the complete set of portable 3kg O-Gas cylinder.
Such buyers will, however, be expected to make daily deposit of N200 with the any of the partnering microfinance banks for 30 days until they would have completed the payment cycle for the cylinder.
The agreement was signed on Thursday by the Chief Executive Officer, Oando Marketing Plc., Mr. Abayomi Awobokun, and the participating microfinance banks led by the Chairman, NAMBS, Lagos State Chapter, Mr. Valentine Whensu.
Awobokun said, “The introduction of the portable 3KG O-Gas cylinder is aimed at addressing both issues of affordability and accessibility to LPG by the low income masses.
“This integrated offering also suits the purchasing power of this socio-economic group as customers can refill with any amount they can afford per time through the company’s Pay-As-U-Gas metering system or swap the cylinders for an outright refill at N800”.
Commenting on the partnership, the Head of Marketing Communications, Oando Marketing Plc, Mr. Seun Soyinka, described the initiative as consistent with the company’s plan to switch millions of Nigerians from the use of biomass to clean, efficient, affordable and sustainable LPG via the 3kg O-Gas, an integrated offering that comes with a cylinder, burner and gas.