The Kwara State Governor, Abdulfatah Ahmed, has urged Micro Finance Banks’ (MFB)operators in the state on need for rendering of suitable and customer friendly services.
Ahmed, at commissioning of first cooperative financial institution, KWACOFOCUS Micro Finance Bank, explained that the need for the practices was expedient as current banking activities now demand more flexible services.
The governor noted that his administration has ensured inclusive financial system to grow and expand businesses in the state, just as he added that financial help is providing existing businesses with access to capital at single digit interest rates.
According to him, micro finance banks were set up as a source of financial services to low-income earners and micro and small enterprises operators, who find it difficult to access needed funding in certain financial institutions.
He said floating of the financial organisation would complement the government’s efforts in financial inclusion for rural farmers and traders.
The governor urged members of the public, especially youth to take advantage of services of the banks and as well access funding for their businesses.
He pledged the commitment of his administration to provide a conducive and enabling environment for banks and businesses in the state.
Earlier, the Chairman, Board of Directors, KWACOFOCUS Micro Finance Bank, Zururat Zubair, said that financial institution were set up to complement effort of the government in areas of agricultural development and sustainable empowerment for rural farmers, financial inclusion for rural women and youths, support for the growth and development of small scale businesses and easy accessibility to finance.
She said that the bank would work to bridge the funding gap perceived to be an impediment in meeting the target of placing agricultural value addition into a greater level.
She added that 80 percent of the bank’s credit facility would be set aside for agricultural cooperative societies.
