Nigeria: Trustfund Micifinance Bank seeks CBN nod for state microfinance banking
By Idris Umar Momoh, Business Day Online
As part of its’ determination to financially empower the active poor members of the society, the management of Trustfund Microfinance Bank, one of the leading microfinance institutions in Edo State, has formally applied to the Central Bank of Nigeria, for a State Microfinance Bank licence.
Chairman, board of directors of the bank, Ehimatie Obazee, who made this known at the bank’s 10th Annual General Meeting in Benin City, at the weekend, said in the next two years the bank would expand its operations to many parts of the state.
Obazee disclosed that the bank intends to acquire necessary technologies and knowledge to render cashless services to its customers by 2013, just as he pointed out that it is among the first three microfinance banks in the South- South region to apply for state microfinance bank.
The board chairman further said that the bank, has 120 staff, and about 200 shareholders, and is determined to continuously grow its capital base which is a key performance enhancing factor in the microfinance industry.
He added that the bank was one of the institutions selected by the Federal Government, in the state for the execution of Rural Finance Institution Building Programme (RUFIN), a World Bank project.
While noting that the bank would continue to improve on its corporate governance, he however assured shareholders that the financial institution would be run professionally and in compliance with the regulatory rules.