Akinjide commissions Kwali Micro-Finance bank

The Minister of State for Federal Capital Territory, Oloye Olajumoke Akinjide, on Thursday, commissioned the Kwali Micro-Finance Bank in fulfillment of the promise by the Administration to encourage financial services to micro, small and medium enterprises (MSMEs).

Akinjide stated that the FCT Administration was committed to ensuring the provision of enabling environment for residents of rural communities in the area of business support in order to achieve self-reliance and economic emancipation.

'There is need to promote financial inclusion services for MSMEs and indeed the culture of micro credits and savings in Nigeria. Needless to emphasize that lack of access to finance and enthronement of necessary globally acceptable standards pose serious threat to economic growth and development.

'It is on this premise that the FCT Administration set out to encourage the establishment of Micro Finance Banks in the six Area Councils of the FCT with the Abuja Enterprise Agency (AEA) as promoters.

'AEA is the FCT vehicle for wealth creation, employment generation, poverty eradication and value reorientation with a mandate to ensure business growth within the Territory,' she stated.

She advised that the system of financial exclusion and low level of bank penetration in Nigeria should be tackled head-on.

The Kwali Micro-Finance Bank, which is located in the Kwali Area Council Secretariat, commenced operation with a paid-up capital of N120 million.

The commissioning of the bank was witnessed by the Permanent Secretary, FCT, Engr. John Obinna Chukwu; Kwali Area Council Chairman, Hon. Joseph Shazin; Managing Director of Abuja Enterprise Agency, Ms. Aisha Abubakar; Managing Director of Kwali Micro-Finance Bank, Ahmed Oriabure, among other dignitaries.