Home Business Omu-Aran Microfiance Bank set to upgrade from unit to state

Omu-Aran Microfiance Bank set to upgrade from unit to state


OMU-ARAN (Kwara) – Omu-Aran Microfinance Bank on Sunday said it was set to migrate from a unit bank to a state microfinance bank for growth and development of the community.

The Chairman, Board of Directors of the bank, Chief Olaniyi Adeyeye, made the disclosureat the end of its 14th Annual General Meeting (AGM) in Omu-Aran, Irepodun Local Government Area of Kwara.

Adeyeye said the desire to migrate to being a state microfinance bank was as a rsult of the bank’s cordial relationship with its customers, the regulatory authorities and its correspondent banks.

He said the outlined relationship had translated into unprecedented improvements in the bank’s economic base, which had necessitated the desire to move ahead to impact positively on the adjourning communities.

Adeyeye said the bank’s desire upgrade was also to align and move in tandem with new trends in microfinance banking for future development.

He said the bank’s plan to transit from a unit to a state bank would need a paid-up share capital of N100 million payable to the Central Bank.

According to Adeyeye, this will give the bank the right to have branches all over the state.

He said with the bank’s initial paid-up capital of N24.1 million to CBN the bank also needed additional injection of N40 million to upgrade, which it was vigorously pursuing.

“Fellow shareholders, from the look of things in our bank, I want to intimate you with new developments in microfinance banking in Nigeria.

“We are very much interested in moving with the trend in the industry by converting from a unit bank to a state microfinance bank to ensure further growth and development,” Adeyeye said.

The bank’s Managing Director, Mr Jonathan Lawal, expressed the readiness of the management to evolve an effective synergy with the board and the stakeholders to move the bank forward.

He said that even with its not less than 17, 000 customer base, the bank has had a fraud-free operation within the period under review.

Chief Peter Oyinloye, the president of Omu-Aran Development Association (ODA), pledged the association’s continued support to the bank in achieving its aims and objectives.

Pastor Moses Lawal, one of the bank’s shareholders, in his remark, expressed optimism that the upgrading would bring about the desired growth and development.

NAN reports that virtually all the bank’s new proposals at the meeting were unanimously approved by the shareholders. (NAN)

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