Mr. Udom Emmanuel, Governor of Akwa Ibom State (right) during the flag-off of Coconut planting day in the State in September 2021.
By Abasifreke Effiong
The Akwa Ibom State Government says it has completed modalities to open a microfinance bank for farmers and SMEs in the State.
The financial institution called the Ibom FADAMA microfinance bank will exist to create access to funds for farmers and other small and medium scale entrepreneurs.
During an on-the-spot assessment of the facility that will host the bank, Chairman of the Bank who is also the Commissioner for Lands and Water Resources, Akwa Ibom State, Pastor Umo Eno, disclosed that the Ibom FADAMA bank will commence operations soon.
“The bank is ready to commence operations having fulfilled every operational condition and waiting for the final inspection by the regulatory body, the Central Bank of Nigeria (CBN)”, Mr. Tony Udoh, media aide to the Chairman, quoted Pastor Eno to have said during the inspection.
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Pastor Eno said it is the desire of the bank to see that every good business idea has access to funds, adding that the Ibom FADAMA microfinance bank is part of Governor Udom Emmanuel led administration’s initiative to stimulate the economy and encourage youth involvement in agriculture.
He commended Governor Udom Emmanuel for his friendly disposition towards farmers and SMEs in the State.
The Managing Director of Ibom FADAMA microfinance bank, Mrs Imaobong Etuk said the bank will serve as a growth partner to Akwa Ibom farmers and SMEs, adding that the bank would make affordable facility readily available to farmers and SMEs.
“Ibom FADAMA Microfinance Bank is a promise fulfilled to the people of Akwa Ibom State to ensure that every farmer and small scale entrepreneur that has a business idea, has access to funding, training and other necessities to get the business running. That is why we call ourselves growth partner”, the MD said.
