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Business Imo Govt to Float Micro-finance Bank With 637 Branches



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The Imo state Government on Thursday said that it would float a Micro-Finance Bank (MFB) with branches in each of the 637 communities in the state.

Governor Rochas Okorocha made this known while on a tour of some of the projects embarked upon by his administration in Owerri.

Okorocha said that the MFB, to be known as Imo Micro-Finance Bank, would have its headquarters at Okigwe Road, Owerri.

He said that the government, in partnership with the Central Bank of Nigeria, had obtained the certificate and completed all necessary documentation for a smooth take-off of the venture.

The governor gave the assurance that the bank would be adequately funded by the state, adding that about two billion naira had been earmarked for it.

He said that the financial institution would be "a dream come true" in his administration’s bid to alleviate poverty in the state.

"This will help the ordinary people in the villages, the peasant farmers and traders to access loans,” the governor said.

He added that all Community Government Councils accounts would be created at the MFB for easy access by communities.

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