Kwara State Governor Abdulfatah Ahmed has urged microfinance banks in the state to render suitable and customer friendly services. He said this becomes expedient as current banking activities now demand more flexible services. He noted that his administration has ensured inclusive financial system to grow and expand businesses in the state. He said the financial help is providing existing businesses with access to capital at single digit interest rates.

Governor Ahmed said this in Ilorin, the state capital at the commissioning of the first cooperative financial institution, KWACOFOCUS Micro Finance Bank. He said his government holds agricultural sector in high esteem owing to the potential of the sector to create employment and generate revenue through investment opportunities in the agricultural value chain.

The governor said that the institution was set up as a source of financial services to low-income earners and micro and small enterprises operators, who find it difficult to access needed funding in certain financial institutions.

He said the floating of the financial organisation would complement the government’s efforts in financial inclusion for rural farmers and traders.

The governor urged members of the public, especially the youths to take advantage of the services of the bank and access funding for their businesses.

He pledged the commitment of his administration to provide a conducive and enabling environment for banks and businesses in the state.

Earlier, the Chairman, Board of Directors of the bank, Hajia Zururat Zubair, said the financial institution was set up to complement the effort of the government in the areas of agric development and sustainable empowerment for rural farmers, financial inclusion for rural women and youths, support for the growth and development of small scale businesses and easy accessibility to finance.

She said that the bank would work to bridge the funding gap perceived to be an impediment in meeting the target of placing agricultural value addition into a greater level.

She added that 80 percent of the bank’s credit facility would be set aside for agricultural cooperative societies.

Hajia Zubair urged farmers and small scale business owners to partner with the new financial institution, saying it belongs to all Kwarans who determine to grow their businesses.