CBN registers 20 micro finance banks

Feb 2007
Nigeria , February, 04 2007 - The Central Bank of Nigeria (CBN), has commended the phenomenal progress and achievement recorded by the Eagle Flight Micro Finance Bank Limited, Warri, Delta State. A brainchild of the Warri-based Word of Life Bible Church, the Eagle Flight Micro Finance Bank Limited was established on December 26, 2005.

Making the commendation at the first anniversary of the bank in Warri, CBN’s deputy director (OFID), Mr. Afe Babalola said: “The progress and achievement the bank has been able to make within a short space of time is amazing and it is a thing of joy.”

As part of the on-going economic reforms of the out-going Obasanjo administration and the desire to bridge the yawning gap between the rich and the poor in the country, the Central Bank of Nigeria recently recognised 20 micro finance banks to provide diversified, affordable and dependable financial services to the active poor, in a timely and competitive atmosphere.

Expressing CBN’s gratitude for the progress made by the pioneer micro financial bank in Delta State, Mr. Babalola said interests stemmed from “the commitment of the management and staff of the bank and when I got here, ever before I saw the report of the managing director, I had seen the array of items on ground and they were far more than what I saw last year, which is a sign of prosperity.”

He maintained that most Nigerians are suffering today not because they lack money but because majority of them lack education on how to secure their future. “I also want to commend the efforts you have put into educating people through those seminars and workshops, you must carry it to the market to let them know that if they do these things, there is no point for them to be poor.”

With a turnover of over N1 billion, the CBN deputy director wondered how many businesses have been able to achieve such a feat in Nigeria. He urged members of the Church to see the bank as part of the church by opening an account and “so that you can be proud of this bank. Anywhere you go, you mention Eagle Flight Micro Finance Bank.”

Chairman of the bank, Rev. (Mrs) Helen Oritsejafor said it was universally accepted that micro finance holds enormous potential for national economic growth by supporting the economic activities of poor people and thus contributing to poverty alleviation. “Because of its relevance for poverty alleviation, the role of micro finance in development has gained momentum during the last two decades. It has achieved wide international political attention; and the UN declared 2005 as the International Year of Micro Credit (IYMC),” she said.

Source : Vanhuard online

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