The Nigerian Association of Federal Civil Servants Cooperatives has concluded all necessary arrangements for acquisition of Kogi Micro Finance Bank.
Chairman of the Association, Mr. Onjefu Obe who gave the hint at a recent media briefing in Abuja, said the intention was to establish a Nigerian Cooperative Micro finance bank as a financial platform that would address the needs of ‘bottom of the pyramid’ cooperative societies in Nigeria.
According to him, “this meeting is to acquaint you with the steps that the association has taken to enable its members to have easy access to the CBN’s N220 billion micro Small and Medium Enterprise Development Fund (MSMEDF), as articulated in the guidelines of the CBN of August 2913 and revised in august 2014.”
Obe revealed that last August, federal civil servants, through their various cooperatives partnered a financial management company working with cooperatives societies, Kajaura International Consult Ltd, to key into conclusion reached between CBN and cooperative societies on the 27th January, 2015.
He stressed that part of the agreement was to find an efficient MFB, which had less that 5% PAR with a good outreach and leading methodologies to channel the association’s application to CBN. He said the association subsequently teamed up with other cooperative organisations to established the proposed Nigerian Cooperative Bank.
“We are therefore pleased to inform you today that the Association together with other cooperative societies across the country have expressed a definite interest to acquire Kogi Micro Finance Bank, to meet the needs of cooperative societies nationwide,”Obe noted.
He revealed that the bank upon satisfying all regulatory requirements would be used to channel all applications to access CBN N220 billion MSN EDF, noting that the products of the bank would also be tailored towards the specific needs of Cooperatives in Nigeria.
