Business and financial news round-up for the week ended 8/03/2019

CBN offers MFB license to AMAC

Business and financial news round-up for the week ended 8/03/2019

CBN offers MFB license to AMAC

Raphael Orji Raphael Orji December 12, 2018

CBN offers MFB license to AMAC

The Abuja Municipal Area Council (AMAC) has received license from the Central Bank if Nigeria (CBN) to operate as a Microfinance Bank (MFB)

AMAC will afford Small Scale businesses affordable loans without collateral with little or no interest rate to encourage and stimulate businesses.

AMAC will support economic empowerment among Abuja municipal residents to include other benefits in line with CBN banking regulatory policy.

The chairman of the board of Directors, Emmanuel Ohakim, described the MFB as a dream come true also at a time United Nations Sustainable Development Goals (SDGs) had routed strongly to combat hunger and poverty in the country.

To move the Microfinance bank are professionals from public and private sectors.

CEO of the board include, Nzegwu Michael, Henry Opara, Steve Nwadiuko, Musa Dauda, Candido and Dr Helen Jekende.

The Microfinance bank would be run purely as an independent financial institution that is devoid of political interference of any kind as well intends to have branches across the Abuja municipal.

Candido, lauded CBN for its support in enhancing and granting the certification of AMAC, Microfinance bank.

In his words,

“We acknowledged the belief of our stakeholders in this project and assure of the safety of their money because all necessary steps towards regulatory and supervisory guidelines for Microfinance bank in Nigeria was carefully followed.

The inclusion of AMAC as a Microfinance Bank will however, deepen financial inclusion to prosper businesses towards better living especially in Abuja municipal council.

Recall, the bank was commissioned last week by FCT Minister, Muhammed Musa Bello.

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