The Central Bank of Nigeria (CBN) has given the
Abuja Municipal Area Council (AMAC) a license to operate a microfinance bank.
bank, which was commissioned last week by FCT Minister, Muhammed Musa Bello,
would afford small scale business owners opportunity to access loans without
collateral and with little or no interest to boost their businesses.
The bank would also support economic empowerment among the less income earning
AMAC residents, among other benefits, in line with CBN banking regulatory
Chairman of Board of Directors, Emmanuel Ohakim, recalled that the idea of the
microfinance bank was mooted on June 12, 2017, when AMAC Chairman, Abdulahi
Adamu Candido, inaugurated an eight-man implementation committee to source for
private investors to liaise with CBN and establish the bank.
described the microfinance bank as a dream come true and at a time the United
Nations Sustainable Development Goals (SDGs) had taken a firm resolve to fight
hunger and poverty in the land.
institution comprises seasoned professionals drawn from both the public and
Michael is designated the CEO of the board that comprises Henry Opara, Steve
Nwadiuko, Musa Dauda, Candido and Dr Helen Jekele.
who lauded the experience of Ohakim to the project, assured that the
microfinance bank would be run purely as an independent financial institution
that is devoid of political interference, adding the projection is to have
branches across the council for closer financial services.
also acknowledged the CBN for its unflinching support in facilitating the
process of certification of AMAC micro bank and for giving it approval to
acknowledge the belief of our stakeholders in this project and assure of the
safety of their money because all necessary steps pertaining to regulatory and
supervisory guidelines pertaining for micro-finance bank in Nigeria have been
followed,” Candido said.