AE-FUNAI Microfinance Bank Limited Officially Inaugurated

The Vice-Chancellor, Alex Ekwueme Federal University Ndufu-Alike, Ebonyi State, Prof. Sunday Elom has inaugurated AE-FUNAI Microfinance Bank Limited.

The AE-FUNAI Microfinance Bank Limited was granted operational license by the Central Bank of Nigeria on 29th February 2024 to operate as a tier 1 unit financial institution, after about 5 years of waiting.  

Speaking during the inauguration ceremony on Wednesday, the Vice-Chancellor thanked God for making the day a reality, stating that it took almost 5 years for the bank to be licensed by the CBN.

He applauded the Managing Director and his team for their doggedness and resilience which led to the licensing of the bank, while also commending them for exhibiting transparency during the recruitment of staff into the bank. 

The Vice-Chancellor equally commended the effort of his predecessor, Prof. Chinedum Nwajiuba for mooting the idea of floating a Microfinance bank in the university  and also extended same to the 2nd Governing Council of the University under the chairmanship of the late Prof. Mba Uzoukwu and other stakeholders who in one way or the other contributed to the success story.  

Prof. Elom further stressed that the last Governing Council of the University had approved that all payments in the university should be made through the bank, adding that the decision was in the best interest of the staff and students  as  it will ease the stress of going to the State capital, which is about 20 kilometers, for their banking transactions.

 He also enjoined the bank’s management to leverage on the offer made by the CBN to secure Agricultural credit facilities for its customers.  

The Managing Director/Chief Executive Officer of the Bank, Mr. Cornelius Offia, in his welcome address noted that the bank which started its journey for registration and licensing on 24th December, 2019, to the glory of God was granted the final license on Thursday, 29th February, 2024, adding that AE-FUNAI MFB LTD bank is licensed to operate as Tier 1 Unit Microfinance Bank with over Two Hundred Million Naira (N200, 000,000) paid-up capital.

He noted that the strategic vision of the bank is “to become a world-class Microfinance Bank that will promote creative and innovative endeavours of entrepreneurs for economic transformation and development of the nation”, while its corporate mission is to ‘’provide world-class microfinance services at the least possible costs to clients that will enable them become competent and confident entrepreneurs, capable of self-employment, and to enhance the well-being of the stakeholders through innovative products and services’’.

Offia further affirmed that the bank in line with its vision, shall be offering different classes of deposits and credit products to meet the needs of its clients; as well as other financial services to encourage entrepreneurs and start-ups, adding that the bank will commence with hybrid operation using intranet for the first 3 months of operation and gradually digitalize in order to have a handshake with NIBBS and interswitch, while appreciating the university management and the shareholders for believing in them.

Also speaking at the event, the Branch Controller, Central Bank of Nigeria, Abakaliki, Mr. Daniel Ogbogu who felicitated with the Vice-Chancellor and the University community for the wonderful achievement of establishing a Microfinance Bank in the institution, added that it has brought banking activities to the door steps of staff and students, and even closer to the University host community, which hitherto had no bank in its domain.

The Branch Controller, who was represented by the Head, Development Finance Office, Sir Chijioke Ahuakagha noted that AE-FUNAI Microfinance Bank Limited is the 11th Microfinance Bank in Ebonyi State, urging the bank’s management team to buckle up as competitions abound, even as he maintained that the only way to stand-out among other MFBs in the state was to think-out-of-the-box. 

He further stated that as a regulator of financial institutions, CBN is ever ready to give the bank advisory and  other necessary supports, and  urged the leadership  to strictly adhere to laid down rules and regulations as well as conform with banking  best practices to avoid infractions.

Continuing, Mr. Ogbogu, noted that the AE-FUNAI Microfinance Bank Limited will be the safest bank around because it is situated inside the campus, thereby giving customers the confidence for huge patronage, even as he enjoined the management to use it as a marketing strategy and give their customers the excellent service they desire.

He equally offered a special banking product called the Agricultural Credit Guarantee Fund to the management of the bank to enable them attract more customers as well as encourage farmers to access loans for their Small and Medium Scale Enterprises.  

A non-Executive Director representimg the interest of AE-FUNAI Multipurpose Cooperative Society, Dr. Onuorah Nweke during a goodwill message commended the leadership of the bank for their integrity and forthrightness right from the University management and those who have been carrying out preliminary arrangement since inception of the project, adding that their transparency has increased the confidence of the shareholders. 

He reiterated that the shareholders will continue to give their support and  encouragement by participating in any area that can move the bank  forward. 

There were other goodwill messages from some banking institutions such as the First Bank of Nigeria Plc, who commended the university on  the feat, and equally promised to partner with the bank in mutually-benefitting businesses.