December 18, 2017: The World Bank has taken a step to promote the Nigerian economy through the banking sector as it seeks to empower grassroots businesses through microfinance banking system.
The project, which is called “bottom-up” project, will involve the release of over N10 billion grants to start up modern microfinance banks that will in turn, empower billions of grassroots businesses courtesy the World Bank.
The project, an initiative from World Bank, is channeled towards eradicating poverty and seeks to achieve this by creating modern microfinance banks in the grassroots.
This was made public in training on microfinance bank management for bank chairmen, directors and other stakeholders organized by the Kingdom Wealth Multipurpose Cooperative Society for the South -West region in Lagos.
Speaking at the event, Dr. Mike Alatise, the South-West Regional Coordinator of Kingdom Wealth Multi-purpose Cooperative Society, said the World Bank has set aside N10billion per bank to empower small-scale businesses with the modern microfinance banks, which in turn will deal directly with the business owners.
Alatise, who is also the executive chairman, Megastar Microfinance Bank, stated further that the drive to see poverty eradicated from Nigeria has been the motivating factor behind his organization’s relationship with Kingdom Wealth Multipurpose Cooperative Society.
“I am convinced to continue his relationship with Kingdom Wealth as the certificates delivered from Social Exchange goes further clear any doubts,” Alatise said.
During the seminar, resources persons gave participants lectures on introduction to microfinance bank management and bank operations.
The Kingdom Wealth management informed the 600 participants who were microfinance banks chairmen, directors, volunteers and other stakeholders, that kingdom Wealth became a beneficiary of the World Bank “bottom up” through one Mr. Donald Oluwakeyede, who served as a consultant and the link between their organizations and the World Bank.
Participants were also informed of the involvement of statutory bodies such as the Development Bank of Nigeria, which oversees the transfer of the grants from the World Bank and others in charge of registration of the microfinance banks before they are entitled to the grants.
Mr. Emem Akpan, the National Coordinator of Kingdom Wealth Multipurpose Cooperative Society, said part of the criteria for the registration of a microfinance bank is that it must have a minimum of 1,000 and a maximum of 10,000 members with their intended business projects provided.
“Any microfinance bank that wants to get involved in the grant disbursement must have a minimum of 1000 members with their genuine business proposals without which such bank would be denied registration and entitlement for the World Bank grant.” Akpan explained.
Microfinance banks currently affiliated with the Kingdom Wealth Cooperative Society include Mega Star Micro Finance Bank and it currently has over 45 branches in the Southwest region of the country.
In interviews with some of the directors and participants, they said that their fear of fraud had been allayed due to what they heard and learnt at the seminar, commending the organizers and resource persons for the knowledge and information given to them.
Raymond, a banker and participant, informed that he wants to venture into agriculture as soon as he receives grant. He said, “I wish to take it to the next level through mechanized farming,” adding that the seminar has been an eye opener saying, “I will introduce it to others.”
Mrs. Ogechukwu Goodness Nzekwe, an event manager from Oyo State, said that her expectation from the scheme is to see that it is successful and poverty is reduced in Nigeria.
Also in attendance at the seminar were Mr. Joshua Jonah and Mr. Vandi Bulus Hilma, both assistant national coordinators of the Kingdom Wealth Cooperative Society; resource persons were Mr. Elijah Dodo and Mrs. Naomi Atero, as well as the Executive Chairman, Kingdom Wealth, Mr. Gideon Nkanta.
Alatise announce that there would be another seminar to educate people on how to utilize the grants and the different types of projects to embark up on.
He expressed the view that the programmes has archived its objective of enlightening Nigerians on the activities of Kingdom Wealth and urged the intended beneficiaries to utilize the money judiciously.