The Abuja Municipal Area Council (AMAC) has floated a microfinance bank to open the door of opportunities to small business owners in the council.
AMAC Chairman Abdullahi Adamu Candido said the bank, which was commissioned by the FCT Minister, Muhammad Musa Bello, will boost economic activities in the council as small business owners would be able to access loans without collateral and with or no interest.
He said it was a dream-come true as the bank centred around the masses. “The commissioning of this bank is a boost to our zeal to forge ahead on the realisation of the total development of the council as we look forward to the completion of other economically viable projects,” he said.
He said the establishment of the bank was in the interest of the masses, adding that it was purely an independent financial institution and “would be run on that note devoid of political interference.”
While commissioning the bank, the minster, represented by Senator Isa Maina, said the beauty in the establishment of the bank was its beneficiaries whom he described as the masses that the All Progressives Congress (APC) represents.
“The customers should learn to borrow money and repay. The bank will only succeed when we do this,” he said, adding that the social component of the bank in the area of financial empowerment will uplift the people.