By Our Correspondent

Wednesday, 15 Dec 2010

To facilitate the establishment of cottage industries, Mwaghavul microfinance Bank in Mangu, Plateau State, has disbursed N200m as soft loans to 2,545 customers since the year began.

The bank is among 100 MFBs recently granted fresh licences by the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation.

“The loans are to assist customers in their businesses, especially in the quest for more cottage outfits to explore resources here,’’ the Managing Director of the bank, Mr. Simon Lawan, said in Mangu on Tuesday.

Lawan was speaking with customers at an end of year interactive session with customers.

He explained that 1,954 customers shared N170m in micro loans, 282 customers shared N34m in small and medium loans, while others benefitted from other categories of loans totalling N35m.

Eighteen members of staff also received N4m as loans, Lawan said.

“The loans are part of our poverty alleviation programme. From our findings, they have impacted positively on the lives of youths, women and the poor at the grassroots,’’ he said.

Lawan said that the interaction was convened to assess the impact of the bank’s operations on customers and to know and act on challenges faced by farmers and other beneficiaries of the loans.

To ease its operations, Lawan said the bank had expanded by setting up five customer centres in Ampang West, Shendam, Pushit, Bokkos and Jos.

He said the bank’s customer base was 24,000 at the end of September and expressed happiness that the customers were from all parts of the state.

Lawan thanked the customers for keeping faith with the bank and thanked the CBN and NDIC for granting the bank a fresh licence.

 

Source: Punch