News Column

Okpara Varsity Floats Microfinance Bank

July 16, 2014

Gordi Udeajah



A MICROFINANCE Bank called Micheal Okpara University of Agriculture Microfinance Bank Ltd with N100 million authorized capital has been floated by the university in Abia state.

The bank operation was formally kicked off recently by the Vice Chancellor, Prof. Hilary Odo Edeoga in its temporary base in Anyim Pius Anyim auditorium in the campus, while also formally laid the foundation stone of the permanent site within the varsity with a completion period of one year.

Speaking at the ceremony, Edeoga said that the establishment of the bank, which is also an internal revenue generating source for the university, was informed by the need being banking closer to the students and university community and save the university from paying high banking costs by banking with others.

He urged the bank to make their facilities available to the university community whom he pointed out are mainly public servants on salaries adding that it should be courteous to the students even when they come to transact after lectures when pressed. He also beckoned on the university workers and community to patronize the bank.

"I urge you to put necessary interventions that would make you excel, be courteous to students even when due to one reason or the other may come a bit late", he stated.

Managing Director of the bank, Bashir Ogungbangbe said that the bank whose slogan is " developing grassroots economy" provides online real time service hence a lot of resources were committed into it and described the bank as viable project that is tailored in line with second generation bank.

The MOUA Microfinance Bank however already has a competing Microfinance Bank that has been operating within the campus for some years but the Managing Director of the MOUA Microfinance Bank Ltd described the scenario as healthy and normal in any business environment.

High point of the commissioning was opening of Accounts with the by the advice Chancellor and members of the university community.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters