By Musa M. Buba
The Yobe state government said, in order to keep to policies of its administration, it has asked the Central Bank of Nigeria CBN to raise the state share capital of Yobe Microfinance bank from N20 million to N100 million.
Governor Ibrahim Gaidam who was represented by his Deputy Abubakar D. Aliyu disclosed this while commissioning the Geidam branch of the bank yesterday.
“Let me take the opportunity to assure this gathering that, our administration shall continue to give the Yobe microfinance bank every assistance, support and encouragement to achieve its objectives” he
He challenged the citizens, the private sectors and institutions to mobilize themselves inorder to support the services of the bank.
“I also urge the private sectors, operators and individuals to patronize the services of the bank”
In his remarks the Board Chairman, who is also the Secretary to the Yobe state government, Baba Mallam Wali said “the activities of the Boko Haram insurgents in the area led to the cut-off of banking
services to civil servants, traders and farmers in the area which they had to travel to the state capital to transact banking business. He called on them to utilize the golden opportunity provided”.
“We are planning to deploy the use of modern banking services like e-channels payment systems, ATM machines among others”, he said.
The Managing Director of the Yobe Microfinance Bank, Usman Hardo said, the conversion from Yobe Savings and Loans to Microfinance bank became imperative in the state due to the dire need to support small and medium enterprises and also curtail the problem of poverty and unemployment in the state.
Earlier in his welcome address the Chairman of Geidam, Alhaji Idi Mato thanked the state government for establishing the branch of the bank in Geidam saying for the past five years the local government and its environs have been without banking services due to the insurgency but now their tears have been wiped away.