Katsina signs MoU to establish 29 micro-finance banks

KATSINA State Government, Monday, signed a
Memorandum of Understanding (MoU) for the
establishment of 29 Micro-finance Banks in local
government areas of the state.
The state Commissioner for Finance, Alhaji Lawal Jari,
signed the agreement in Katsina on behalf of the state
government with R.I. and Co Financial Institution
Consultant Limited.
He explained that the agreement had been approved
by the state executive council.
``With the signing of the agreement, the 29 micro-
finance banks should be in operation in the next six
months in the state.
``Already five micro-finance banks are existing in the
state, thus with 29 new ones, it means each of the 34
local government areas will have a micro-finance
bank,” he said.
He noted that the establishment of the banks would
boost economic activities in rural areas of the state, as
it would afford rural people the chance to access
banking services.
The commissioner said that all the banks when fully
operational would benefit from the N220 billion
earmarked for micro-finance banks nationwide by the
CBN.
Jari appealed to the people of the state to give
maximum cooperation to the consultant, to ensure
success of the project.
Alhaji Rabi’u Tudunwada, the Managing Partner of R.I.
and Co Financial Consultant Ltd., who signed on behalf
of the firm, promise to deliver on time.
He also called for the cooperation of residents where
the banks are to be established, for the success of the
project.
In his remarks, Alhaji Hussaini Dambo, the state ALGON
Chairman, thanked the state government for the
project, which he said would afford people at the
grassroots access to banking facilities.

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