Fidelity bank card banner Camano banner
VC hails CBN, as MOUAU MFB gets corporate headquarters

By Boniface Okoro, Umuahia on 17/11/2015

Views: 3,450

Vice Chancellor of Michael University of Agriculture, Umudike (MOUAU), Prof. Hilary Odo Edeoga, has commended the Central Bank of Nigeria (CBN) for creating micro finance banks (MFBs), saying the development has had positive impacts on the nation’s economy through poverty alleviation and economy stimulation.

Edeoga gave the commendation today in the university during the inauguration and formal handing over of the corporate headquarters of the Michael Okpara Uniagric Microfinance Bank Ltd., which posted a balance sheet of N550 million within a year and empowered more than 600 customers.

On July 10, 2014, the CBN granted MOUAU an operational licence to establish a microfinance bank. Four days later, the bank commenced commercial operations, same day the foundation stone of the bank’s corporate office was laid. The storey building contains technology-driven banking halls, offices and equipment.

Before now, the bank had been operating from a temporary office at the Anyim Pius Anyim Auditorium of the school.

Performing the commissioning ceremony, Edeoga, who is also the Chairman, Board of Directors of the MOUAU MFB, said it was a celebration of the achievements of the fast-growing bank which he said presently has about 4,000 customers.

“As of today, the MOUAU MFB has over 4,000 customers and we expect a rise in this figure with the formal opening of this new and bigger place for its operations,” he said, adding: “It is on record that since its establishment over one year ago, this bank has consciously and consistently stimulated the economy of communities around it and beyond – Ikwuano, Olokoro, Umuahia – to mention but a few.”

Edeoga was full of praises for the CBN for evolving a people-oriented policy which gave birth to microfinance banks in Nigeria, stressing that they have helped in poverty alleviation and stimulating the economy positively.

He attributed milestones recorded by the MOUAU MFB to hard work and dedication of its management and staff, and enjoined them not to relent.

Managing Director and Chief Executive Officer of the bank, Prof. Bashir Ogungbabe, assured her teeming customers that the bank would not relent in her vision of developing the economy of the grassroots in its catchment areas.

“We have continued to provide financial services aimed at alleviating poverty to our esteemed customers in the area of granting micro credits to low income earners who form unstructured groups of 10 -20 members.

“We have empowered over 600 micro customers within and around Umudike and have extended credit facilities to so many clients in agricultural and agro-allied businesses exploring the CBN’s Agricultural Credit Guarantee Scheme,” Ogungbabe said while unveiling the score sheet of the MOUAU MFB.

Furthermore, he revealed that the bank was fully integrated with Interswitch and Remita, making it possible for their customers to access funds from  any location through transfers; provided customers with customised debit cards with which they could make withdrawals  from their accounts from any location while it has partnered with Zenith Bank Plc to provide a co-branded cheque which allows holders to withdraw money from their accounts with MOUAU MFB from any Zenith Bank branch in the country.

The MD/CEO also disclosed that the bank’s last return to the CBN last month was N550 million worth of balance sheet.

He announced the intention of the bank to increase its share capital through “private placement,” while it has stepped up efforts aimed at obtaining state license from CBN which would empower the bank to set up branches in urban and rural areas of Abia.

He thanked all stakeholders for their contributions to the “survival” of the bank.

In their testimonies, some customers confirmed that the bank's services were of high standard.

•Photo shows Vice Chancellor of MOUAU and Chairman, MOUAU MFB, Prof. Hilary Edeoga, cutting the tape to inaugurate the MFB Corporate Headquarters.

Source News Express

Posted 17/11/2015 04:46:19 AM





You may also like...
Ex-Army Chief reveals reason for Boko Haram’s devastating...

Nigeria Immigration blocks ISIS recruitment

Bayelsa Govt. to penalise defaulting oil firms

We have not increased LPG price — NLNG...

Experts lecture monitoring and evaluation professionals in Abuja...

Ordeal of Ogoni under Buhari’s watch, By Fegalo...

Intersociety gives Osinbajo 90 days to probe human...

Security, response agencies flag off quarterly route march...

Buhari to drop ‘General’ title on May 29...

Police declare war on herbalists in Lagos, Ogun...

NDLEA plans new offensive against drug trafficking in...

Ikenga berates Hon. Nkiru Onyejeocha for attacking Ex-Aviation...


Latest News Angry man destroys cars at Nigerian High Commission in London over passport Protest as land grabbers sack Ogun villages, install traditional ruler Woman who wanted $1m fake notes defrauded N700,000 Election Tribunal: Obi raises hope of victory •Says INEC must provide server used for polls China opens door to more Nigerians, promises to facilitate visa issuance 5 feared dead, several injured as hoodlums clash during Egungun festival in Ibadan Edo Assembly: Call Obaseki to order, members-elect tell Buhari We’ve broken monopoly of WAEC, says NECO Boss Imo Assembly to begin recovery of ‘stolen’ govt property Foreign Direct Investment into Nigeria has not dropped — CBN Brain disease kills 97 Indian children, ‘heat curfew’ imposed Gov. Abiodun inaugurates committee to review Amosun’s last-minute promotion of Obas


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,583 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,561 views) Shameless Genevieve Nnaji exposes breasts in public (365,403 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,053 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,306 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,037 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,015 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,909 views) 10 cars more expensive than Jets (212,858 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,494 views) Lagos plane crash: Journalist releases victims’ names (184,561 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,888 views)


NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,312) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (761) Global Business Monitor (379) ICT Monitor (53) International (3,598) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,456) Opinion (1,260) Pidgin (17) Politics (11,032) Religion (1,023) Sports (2,044) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera