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Published On: Tue, Mar 5th, 2019

Candido warns against politicising AMAC MFB

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By Stanley Onyekwere

The Chairman, Abuja Municipal Area Council (AMAC), Hon. Abdullahi Adamu Candido has warned that no one will be allowed to politicise the establishment and operations of AMAC Microfinance Bank, as it’s purely an independent financial institution.
Candido reiterated that the AMAC MFB is meant to serve the local traders and grant them access to loans to enhance their businesses with a view to better their lives.
He this point while commissioning a new branch of AMAC MFB at Gwagwa Market, to boost the economy life of the population in the area, barely after 3 months of its commencement.
The AMAC boss, noted that the microfinance bank is opened to farmers to have access to loans that can help them purchase good seedlings and other farming equipment, so as to increase food production.
According to him, “ a proof of our commitment toward having branches across the Council for a closer access to banking facilities by our people.
“ I wish to assure the residents of the Council that we shall live up to this promise by ensuring that more branches follow soon in other locations, as we rollover to the next level in our adminiatration.
“We are confident of the robust structure already put in place to enhance the growth and sustainability of the bank.”
He therefore called on all small scale business owners, artisans, petty traders and individuals to patronize the bank.
He added that people should maximize the advantages of the bank’s closeness to them, in order to meet the daily running of businesses, and other responsibilities with loans that are less stressful.
Earlier in his speech, Chairman, AMAC MFB Ltd, Sir Emmanuel Ohakim, disclosed that by its license as a state microfinance bank, the Central Bank of Nigeria (CBN) has authorised them to open branches and cash centres throughout the Federal Capital Territory (FCT).
Ohakim also revealed that the they have finalised arrangements to install three Automated Teller Machine (ATM) points, to facilitate and enhance business transactions in the area.
He adds: “ we shall identify businesses, and organise them into groups, open accounts for them and start granting micro credits to them in sets of ten, twenty or thirty persons, as the case may be, and as one set pays back another set will be given.
“The amount will range between N10,000.00 and N250,000.00 per person based on business need and capacity to repay.”

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