The quest for the Urhobo to set up a microfinance bank primarily targeted at women and youth reached a milestone when subscription for the proposed bank crossed the N200m mark.
The regulatory guidelines as established by the Central Bank of Nigeria (CBN) require promoters of this category of microfinance bank to deposit N200 million with the apex bank to secure the licence for operations.
Speaking on the attainment of the target, the Chairman of the Investment Committee, Abraham Ogbodo, said in a statement that with the proposed Okugbe Microfinance Bank, the Urhobo are at the threshold of making a second epoch after the establishment of Urhobo College in 1948.
Ogbodo thanked all the Urhobo indigenes, who responded to “the patriotic call” and subscribed to the shares of the bank, saying that the Committee was saddled with the task of raising the N200million capitalisation through private placements.
Ogbodo reminded existing and potential subscribers that “though we now have N200million to deposit with CBN, our target is N300million and subscription is still on,” adding that engagement with the CBN towards getting the license has started.
He explained that the proposed bank is a cross-over between charity and business, as while the MFB is planned to extend credit to those at the lower rung, specifically youths and the women, it is also a business that will be properly managed for good return to the investors.
Economic empowerment for women and through equitable distribution of resources is seen as a key factor for achieving sustainable economic growth, social development and environmental sustainability.
The proposed bank is a cross-over between charity and business, as while the MFB is planned to extend credit to those at the lower rung, specifically youths and the women, it is also a business that will be properly managed for good return to the investors.