By; VITALIS UGOH, Calabar
A Microfinance Bank limited with aims and objectives to solving the existing”bottlenecks” associated in drawing a loan from financial institutions has opened a branch in Calabar, Cross River state capital.
Known as “Malachy Microfinance bank limited”, it offers “prosperity for all” as it affects all facets of people within the community such as youths and market women”.
In an exclusive interview with the New Nigerian Online, the Chairman of the Malachy Microfinance bank limited, Mr. John Iyoha, said the financial institution has come to stay in the state with a mission to assist small and medium enterprises to grow.
According to him, “our aim is to assist the youths, civil servants and market women as well as others who have no access to draw “loan” from financial institutions to grow their businesses”.
The Malachy Microfinance Bank limited is an inclusive financial institution that is ready to encourage, assist and package businesses to grow in the state.
The bank, he said, is all inclusive, whether you are a youth, civil servant or market women, just to mention but a few. It is a bank that is exceptional when it comes to the issue of collecting collaterals which should not be the first thing that financial institution needs before advancing a loan to their customers.
In his contribution, the managing director of Malachy Microfinance bank, Pastor Kunle Oladokun, said “the financial inclusion is Paramount in every business especially in most part of the third world countries like Nigeria”.
According to him, “in the rural areas, people need financial inclusion as well as the theory of thrifts”.
“Here in Malachy Microfinance Bank, we want to teach people how to do business within their immediate environment. We need to teach our people enterprise. If you are active, you will not be poor”.
The Microfinance bank offers the following products, normal savings account, current account, Malachy account for private schools (MAPS), Malachy young savers Account, Malachy Savings plus loan, daily contributions, and Malachy personal loans against salary (MPLAS) for civil servants.
Others include, Overdraft facilities and Malachy Agric business loan (MAL).