Abia state governor Okezie Ikpeazu has inaugurated the Abia Small and Medium- scale Enterprise (SME) microfinance bank to enhance the provision of financial services for underserved entrepreneurs in the state.
Speaking during the ceremony held on Monday in Aba, Governor Ikpeazu said the bank will serve as a bridge which would help the people of Abia access financial interventions from Central Bank of Nigeria and Bank of Industry.
The governor said Abia state identity revolved around trade and commerce which had made it necessary for the state government to deploy resources to boost SME.
According to him, the bank had the mandate to empower 100 traders every month and the state government would provide N10 million for the commencement of the bank’s microcredit scheme.
Ikpeazu said the bank would be offering collateral free loans and encouraged potential customers of the bank to be diligent in utilizing it as well as paying back the loans.
Speaking, Mr Onyema Wachukwu, Commissioner for SME Development, charged owners of small business to take advantage of the bank’s services in order to promote the State government’s efforts in achieving sustainable development.
Correspondent Godwin Ike reports that the event featured the inauguration of a N10 million micro credit scheme.