The Bank came into existence out of the passion of the Management of Niger State College of Education, Minna and some individuals to estabish a Microfinance Bank the will stimulate economic growth at the grass root. This nivel idea was launched in March 2013, under the mandate of Prof. Farouk Rashid Haruna the provost, Niger Steta College of education Minna.
The goal was to get 200 individuals and corporate persons to contribute N2,500,000.00 for 20 months, at the end of which N50,000,000 million naira ordinary shar capital will be raisade as agaisnt the N20 million minimum share capital required by the CBN for the licesing of a unit, Microfinace Bank to close the extisting gap of financial inclusion by 8th JuLy 2013. The promoters could only raise the minimum share Capital of N20,000,000,We obtanined a liscense to operate a unit Microfinance from CBN, in 2013 and commenced micor banking operation 2nd Deceber 2013. The Bank, customer base as at today is 1,250 and over 600 of these customers have enjoyed verious loans/ overdrafts from the Bank.
Despite the, the Board is still committed to raising the N50 million, share Capital to be able to meet up with rising requirement of single obligor limit aspirations to finance larga loans tickets, increase working capital and upgrade ICT infrastrutuer, handsomel reword shareholders.
My distinguished shareholders,I want you to recall the during the promotion of your Bank the individual shareholders were mainly Senior Management Staff of the College. We are opeing the participation in shares of the Bank as a business and investment to the entire College Saff of all status to take at least 5000 units of share minimum and we anticipate achieving this with the usual support and cooperation of the College Management in particular, the provost.