The opportunities and deliverables on offer through the CoopFund Microfinance Bank is in sync with the objectives of the President Bola Tinubu led Federal Government in Nigeria, the Senate President, Godswill Akpabio has said.

Akpabio, who was represented by his Deputy Chief of Staff, Saviour Enyiekere, PhD, said this on Wednesday, June 19, 2024 during the official opening of CoopFund Microfinance Bank in Finima, Bonny Local Government Area of Rivers State.

“The administration of President Bola Ahmed Tinubu, GCFR, has laid out a vision for Nigeria’s future under he Renewed Hope Agenda focusing on economic growth, national security, human capital development and social inclusion.

“The establishment of CoopFund Microfinance Bank aligns perfectly with these priorities serving as a testament to our commitment to improving the lives of Nigerians.”

He said the opening of the bank “marks a significant milestone in our efforts to foster sustainable community development and economic empowerment in Bonny Island and beyond.

The Senate President harped on the strategic role of Bonny Island to the economic growth of Nigeria, noting that the opening of CoopFund Microfinance Bank represents a legacy that consolidates on the President’s efforts to transform lives positively.

“Bonny Island, with its rich history and pivotal role in Nigeria’s oil and gas industry, has always been a beacon of economic activity and cultural heritage, Today, we add another chapter to this storied legacy, one that promises to transform the lives of many through the power of microfinance.”

In his keynote speech, Chairman of the bank’s Board of Directors, Joseph Alagoa described the launch as “an historic occasion, promising that the bank will avail its customer’s innovative financial services

President of the NLNG Cooperative, Taiwo Adekunle expressed appreciation to the guests, Zenith Bank and other stakeholders for their invaluable support, explaining that the concept behind establishing the bank is to make life easier for residents of the area, disclosing that the Cooperative has the welfare of the people at heart.

“We are excited as NLNG Cooperative to be opening this in Finima today. We haven’t done this on our own without the support of Zenith Bank. So, we have Miebi and his team, we have a group of people from microfinance bank all the way from Port Harcourt coming here.”

“We didn’t do this on our own, so if you say I’m the pioneer, I’m actually not the pioneer. This dream was birthed before I became president of the Cooperative. Cooperative is a continuum and that’s why we keep following up with the dreams of our forefathers to make this is a reality.”

“We intend to give everyone the best and then bring more value to the community where we are in. and when we say value it’s just to make life easy for everyone. There are so many programmes we want to bring up. I can’t thank everyone enough from the day it was birthed till today.”

Speaking, the Amadabo of Finima, Aseme Alabo Dagogo Lambert Brown pledged the support of the Finima Community for the newly launched bank, informing that the various institutions in the community would be galvanized to align with and appropriate the derivatives of the microfinance bank.

“All we can do is to align and give it all the necessary collaboration as a community we can give to support our people in the microfinance business.

“Finima is strategic both to Rivers State and Nigeria as a whole in the sense that the IOCs here as our tenants play key roles in the economic development of the country.

“Where we are today needs a lot of micro businesses. The institution you just set up today is a stop gap measure that will support the microbusinesses in Finima.

“As a community we will socket in. as a community, we will also make sure that the structures in the community also align and take advantage of the microfinance bank. A lot of our people key into either contracts or day-to-day businesses.”

In his goodwill message, the Nigeria Liquefied Natural Gas Limited (NLNG), through its General Manager, Production, Nnamdi Anowi, who was represented by the Manager, Production Maintenance, Omochi Adekwu, gave plaudits to the NLNG Cooperative for floating the bank, expressing his optimism that “this bank will go places”, adding that “NLNG is here to support in any way possible”.

In an interview with Kristina Reports on the sidelines of the launch, the Managing Director of CoopFund Microfinance Bank, Chiemela Ubani informed that customers are on to topnotch innovative financial services, saying that the range of deliverables on offer by the bank are technologically driven.

“We’re looking at a Microfinance Bank, just that it is digitally driven. It’s not just like a microfinance bank, it operates like a commercial bank.

“We are going to be active digitally where you can be able to access your internet banking, USSD, debit card for example you have your contact lens debit card. You don’t have to come here. Coming here was just for the official opening.”

“After now you open an account remotely, activate the account, run the account, order for your debit card and it will be delivered to you. We’re breaking out from the norm. it’s actually a fintech banking.”

In a chat with Kristina Reports, Branch Manager of Zenith Bank in Bonny Island, Miebi Bekesuo expressed delight with his bank being the settlement bank for CoopFund Microfinance Bank, promising that it would sustain its ongoing support to the new bank, assuring that the customers would get the best user experience from the new bank.

“By the act setting up the microfinance banks, they are supposed to have settlement banks and in this case, it is a good thing that Zenith Bank happens to be the settlement bank for the cooperative.”

“So, what it means is that a lot of other services would ride under Zenith Bank because they are licensed to do some other things aside the basic things they are assigned to do.”

“For them to really expand their reach they have to collaborate with the commercial banks like Zenith Bank and that is the major reason that we are here to support them and we’ve always been with them from the inception and provided all forms of support, professional, even our IT infrastructure to see that this dream comes true.”

“So, I’m very pleased and I’m very happy to be part of this history because from what I’ve found out this is the first microfinance bank on the island. That’s the research I made and I found that it is the first. So, we are glad as a bank to have this form of strategic partnership with the cooperative.”

In a chat with Kristina Reports, President of the Bonny Chamber of Commerce, Industry, Mines and Agriculture, Constance Nwokejiobi, who was represented by the Chamber’s Senior Advisor on Logistics, Energy and Power, George Brown, noted that the debut of the microfinance bank was strategic given its envisaged impact in the area.

“This is a welcome development in this part of the island and the kingdom as a whole. Finima has been without banking services for a long, long time and due to its close proximity to the industrial complex, I think this facility, this bank is a very welcome development.”

“It will engender growth in businesses. It will support both micro and small businesses around this area. There are a lot of fishing settlements all around here and they are underserved or unbanked.”

“This being here will cut the distance that they have to travel to get into Bonny town to access banking services. So, it’s a very, very welcome development.”

“…and also for the community, I think this is a great day for them because they don’t have to travel the distance to get banking services and having this bank here, I think it’s very strategic for the Finima people, it’s very close to them. I believe that they will form the bulk of the customer base of this bank.”

Also speaking, the Head of Finance and Administration at CoopFund Microfinance Bank, Opuaya Wilcox explained that “CoopFund is a special purpose vehicle of the NLNG Cooperative. It was set up to deliver financial inclusivity, that is to deliver financial services to those members of the society that prior to now were excluded from banking.”

“Microfinance banks target low income earners and micro, small and medium enterprises. We’re targeting those roadside businesses, the hawkers, the woman who sells corn, the woman who sells fruits, those small, small businesses are our target because 80% of our portfolio would be targeting those individuals, those small businesses; 80% of our loans would micro loans.”

The CoopFund Microfinance Bank, the brainchild of the NLNG Staff Bonny Cooperative Investment and Credit Society Limited, aims at rendering microfinance banking and related financial services in Nigeria such as salary advance, employee loans, SME loans, Invoice Financing an Overdrafts.

In attendance at the event were members of the CoopFund Microfinance Bank Board of Directors, NLNG Cooperative Management Committee, Divisional Police Officer of Finima, CSP Abubakar Sadiq, Chairman, Sunny Jack-Brown, and members of the Finima Development Committee (FDC), Manager of the Youth Resource Centre (YRC), Bonny, Adams Kokoye, amongst several other dignitaries.