By Sani Gazas Chinade, Damaturu
Yobe State Governor, Hon. Mai Mala Buni, has lauded the state-owned Microfinance Bank for staying afloat despite challenges.
The Governor gave the pass mark today in Damaturu while launching the maiden Business Community Development Day, and launch of products, organized by the Yobe State Microfinance Bank.
“Distinguished ladies and gentlemen, you will recall that at the height of the insecurity challenge, most banks in the state were forced to close their branches. This came with a very expensive and negative economic consequences on the state and its people. It robbed the state of several economic potential and opportunities.
“As a government, we found it expedient to explore, exploit and deploy all necessary measures to ensure that the state-owned Microfinance bank remains in a healthy financial status to serve our people amidst the prevailing circumstances” the governor said.
The bank under the leadership of Prof. Sheriff Almuhajir, has not only stayed afloat but, grown to become one of the very successful Microbanks in the country, earning endorsement of the supervisory agencies, and confidence of the customers.
He commended the bank for providing efficient services to the people adding, “you have justified government’s investments in the bank”.
The Governor said the products launched by the bank would boost small and medium scale business ventures – “I am confident the Electric Motorcycles, Home Solar energy solutions, Wallet Accounts, POS Channels, ATM Cards and Banking Cubicles designed to drive financial inclusion would improve the capacity of the beneficiaries and enhance efficiency in service delivery.
Gov. Buni appreciated the business community for their resilience and contributions to the local community and national development.
He explained that the roads and markets constructed by the state government have provided a conducive atmosphere for economic growth and development.
Managing Director of the Bank, Prof. Sheriff Almuhajir, said the bank had migrated from the N14 Million capital base to over N800 Million, and gave out a loan of over N100 million to its customers.
Almuhajir assured the government of improving the records achieved in the subsequent years of the bank’s operations.
Meanwhile the bank launched electric motorcycles, Home solar Energy, ATM cards, POS and banking cubicles among others.
