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Tuesday, March 28, 2023

Emerging Africa Acquires Gwong Micro Finance Bank, Commits To Improving Lot Of Rural Farmers

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By Abdulwaheed Olayinka Adubi, Kaduna

Emerging Africa Capital Limited, has acquired Gwong Micro Finance Bank(GMFB) in Kagoma, Kaduna State, with a commitment to improving the lot of rural farmers through the provision of credit facility.

Emerging Africa Capital Limited, a non-banking financial services company, acquired 100 percent shares of Gwong MFB from its shareholders in June 2021 with a vision to recapitalize the bank and pursue its goals with vigour.

Speaking at the commissioning/rebranding ceremony, Mr Mahmoud Shaibu Kasandubu, Group Executive Director, Business Development at Emerging Africa, said the need to provide credit facility to the predominantly farming community of Gwong so as to boost their farming activities informed the company’s decision to acquire Gwong MFB.

“We are at Emerging Africa have identified Gwong community whose people are largely farmers that specialize in farming of ginger.

“We deemed it necessary as part of our strategy to encourage and improve the lives of the people here through provision of credit facility.

“Credit facility will help them to acquire agricultural equipment, seedlings and fertilizer to boost their farming activities generally,” he added

Kasandubu stated that the company retained the name and location of the bank in Gwong land to sustain the objectives of the founding fathers.

He enjoined the Gwong people to take ownership of the bank and work towards ensuring it succeeds.

“We want you to take ownership of this bank. Let’s all work for its success. Our plan is to project this community and the bank to the world.

“We want to grow it to a point where we will have branches across Kaduna State and eventually obtain license to operate it anywhere in the country.

“But we can only achieve this with your support and cooperation,” he added

Also speaking, the Acting Managing Director of Gwong MFB, Blessing Atigogo, called on the people to form themselves into co-operative societies to be able to easily access loans.

Atigogo listed the services offered by Gwong MFB to include traditional micro financing services, Agric SME funding and product banking, micro saving and deposits, micro loans, digital banking as well as payment solutions.

In his remarks, the Kpop Gwong, who was represented by Barnabas Dangana, expressed optimism that the acquisition of Gwong MFB by Emerging Africa will bring good tidings to Gwong and its people.

The traditional ruler cautioned his subjects against taking loans without repaying them, adding that ‘if the bank succeeds we succeed, if it fails, we all fail’.

On his part, Stephen Babachir, a representative of the National Association of Micro Finance Banks, lauded Emerging Africa on its investment in Gwong land.

Babachir tasked the people to improve their savings culture by saving for the rainy day, just as he appealed to them to patronize the bank.

Gwong Micro Finance Bank previously called Gwong community bank was formed in 1991 by the people of Kagoma and duly licensed by the Central Bank of Nigeria in 2010 to operate a micro finance bank.

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