Why we introduced Bida Poly Microfinance Bank – Rector

The Rector of the Federal Polytechnic Bida in Niger State, Dr Abubakar Dzukogi, has said the establishment of the institution’s own Microfinance Bank was part of the management’s effort to increase the school’s internally generated revenue.

North Central Trust reports that the Polytechnic inaugurated a Microfinance Bank in October, 2018 with the initial capital of N20 million.

Dr Dzukogi said yesterday that the bank has already shown promise of breaking even, adding that early signs showed that it would exceed the N50 million profit after tax target by the end of 2019.

According to him, the bank would drive key internally generated revenue projects initiated by the Polytechnic such as the proposed independent power plant, large scale commercial farming and other such endeavours, in addition to making banking transactions easier for students and staff of the school community and ease the cashless policy of the Central Bank of Nigeria (CBN).

He also explained that the institution is looking forward to an understanding with the CBN for the Microfinance Bank to train entrepreneurs in the Apex bank Agricultural Small  Medium Enterprises Integration Scheme which would commence soon.

He disclosed that the entrepreneurs after the training would be able to take advantage of the various agricultural intervention funds by the federal government.

The Rector, who is also the Chairman Board of Directors of the Bank, said that the Bida Microfinance Bank would close the gap in community banking and reduce the rate at which the people are  being exploited by scammers and fraudsters.

He said a lot of microfinance banks across the country are failing due to insider abuse, and promised that the management of the bank would always adhere to the rules of banking.

He called on business people to stop using loans to get married or engaging in things that are not business related, adding “until we stop using business money and loans to get married and buy clothes and indulge in other extravagance activities, the country will not progress.”