Businesses domiciled in Arochukwu have reasons to cheer this Yuletide period, as a new microfinance bank is set to start operations.
Called Nigeria Incentive-Based Risk- Sharing System for Agricultural Lending (NISRAL) Microfinance Bank Limited, the new bank is to be unveiled by the Deputy Governor of the Central Bank of Nigeria (CBN), Dr O.J Nnanna, on December 23, 2019.
The project is the initiative of the CBN in collaboration with the Nigeria Bankers Committee.
Similar banks are to be established in all the 744 local government areas of the country. The Arochukwu branch is among the first batch of 59 to be unveiled in the pilot phase. It is to be located at the old Post Office site in Barraki area of Arochukwu.
Initiators of the scheme envisage that it will guarantee small and medium enterprises access to credit, accelerate economic development, and ultimately create jobs.
Aro News learned that the bank will extend credit facilities to qualified entrepreneurs and traders at a single interest rate. Yet such businesses might be able to draw as much as N10million at a go.
On learning about the coming of the bank, one enthusiastic Aro businessman said:
“A lot of our micro and macro business people in our villages shall surely benefit from this special project. Let us all therefore become self appointed ambassadors of this novel project, to ensure that a lot of our rural people key into it faster and enjoy all the benefits from it while respecting all the rules governing the operations of the bank.”