FCT Minister Hails AMAC For Floating Microfinance Bank To Assist Low Income Earners

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FCT Minister Malam Muhammad Bello
FCT Minister Malam Muhammad Bello

Abuja    –          Malam Muhammad Bello, Federal Capital Territory (FCT) Minister has lauded the Abuja Municipal Area Council (AMAC) for floating a microfinance bank to assist low income earners access loans to grow their businesses.

Speaking at the inauguration of the bank on Friday in Abuja, Bello said that the bank would also provide a better overall loan repayment rate than traditional banks.

He said that the All Progressives Congress (APC) led by the AMAC chairman had scored yet another political goal with the establishment of the microfinance bank.

The minister called for a peaceful coexistence among the people of AMAC, adding that AMAC remained the most peaceful among the four council areas in the FCT.

AMAC chairman Alhaji Abdullahi Candido, said that when his administration came on board two years ago, part of his planned was to lay the paths of the council on economic progress.

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He added that his quest also included restoring the council to its financial stability and sustainability.

According to him, to set this passion in motion, we envisioned several strategies to developing structure that are economic based institutions through public private partnership model.

“One of these is the establishment of this microfinance bank in AMAC which is being commissioned today,” he said.

He said that the microfinance bank was an independent financial inspiration and would be run devoid of political interference.

Also speaking, Mr Emmanuel Ohakim, the chairman of board,  said such gesture and innovation could only emanate from a leader who had the interest of the people at heart.

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He said that Candido understood the importance of a bank in the economic well-being of those he was elected to serve.

He said that the move was coming at a time the Federal Government in line with the United Nations Sustainable Development goal (SDGs) had resolve to fight hunger and poverty in the land.

The News Agency of Nigeria (NAN) reports that staff of the micro-finance bank were already bracing up for work as they made spirited move to convince some of the people who came visiting to open an account with them.

Some of the products offered included; AMFB Savings account, light up your business, current account, Asusu account, instant loan, SME loan, fixed deposit account, salary advance among others.

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