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Oyo Diocese Gets Microfinance Bank Approval

The joy of the Catholics of the Diocese of Oyo (https://CatholicDioceseOyo.org), especially the Iwajowa Regional Government and the entire Oke Ogun area, which has a population of around 1.5 million, knows no boundaries with the latest news of the approval of the principle permit for the Ave Maria Microfinance Bank (Proposed), promoted by the diocese. The approval came coincidentally during the pastoral visit of His Holiness the bishop Emmanuel Adetoyese Badejo to the Oke Ogun area directly from the Central Bank of Nigeria.

The effort of the Diocese, which is located in Yoruba South West, was led by the Coordinator of the Diocese, Development and Peace Movement, (JDPM) Rev. Fr. Gabriel Adeleke, is to answer society’s need for financial inclusion which is currently widely regarded as the right of all citizens for social inclusion, for a better quality of life and a tool to strengthen the economic capacity and ability of the poor in a country. This gives individuals and businesses access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit, and insurance delivered responsibly and sustainably.

Unfortunately, the absence of a commercial bank in the local government of Iwajowa makes people lose the right to realize their dreams to the fullest, because they have been marginalized from the formal financial sector. This lack of access to financial tools has an impact on the socioeconomic mobility of the population. Unfortunately, it prevents them from getting out of poverty. In the midst of all these challenges, the JDPM of the Catholic Diocese of Oyo, the diocesan organ that coordinates the diocesan social outreach, continues to echo the voice of the Vatican II Fathers that the joys and hopes, sorrows and sufferings of people in our time, especially those who are poor or suffering in whatever, are the joys and hopes, the sorrows and sorrows of Christ’s followers too. Therefore, with a deep sense of solidarity with the people in the Oke Ogun area who are substantially excluded financially, JDPM Catholic Diocese of Oyo with other empowerment interventions in the community, through its attorney, Bishop Badejo, and JDPM coordinator, Pdt. Gabriel Adeleke, came up with the idea to launch a Microfinance Bank that could provide communities in the Oke Ogun area, access to basic financial services such as formal bank accounts, insurance, transaction services, loans, and other permitted services.

In his address, Bishop Badejo, quoting the words of Jesus in John 10:10 I have come that they may have life, and have it in all its fullness, acknowledged the financial isolation of most of our people in the Oke-Ogun area, both Muslims and Christians alike. , especially in the Iwajowa Regional Government Area. He emphasized how this exclusion had denied them their basic opportunity as children of God. He underlined the commitment of the Catholic Diocese of Oyo in cooperating with the government in targeting a 95% level of financial inclusion by 2024. He did not hesitate to invite various institutions and individuals to join hands with the Catholic Diocese of Oyo to make this a success. more impactful projects.

In line with that, Rev. Adeleke, coordinator and speaker as one of the main promoters of the proposed bank, expressed his delight at receiving the Principle Approval license. He revealed that the proposed bank would bring about a series of interventions that would have an impact on people’s lives in the Iwajowa Regional Government and Oyo Diocese in general regardless of religion, race, or gender. According to him, the services that the public will enjoy from the proposed bank include:

  • Acceptance of various types of deposits including savings, time, goals and requests from individuals, groups and associations; except for public sector deposits.
  • Providing credit to its customers, including formal and informal self-help groups, individuals, and associations.
  • Promotion and monitoring of loan usage among its customers by providing additional capacity building in areas such as record keeping and small business management.
  • Issuance of bonds that can be redeemed to interested parties to raise funds from the public with prior approval from CBN.
  • Collection of money or proceeds from banking instruments on behalf of customers, including clearing checks through correspondent banks.
  • Agency services for providing mobile banking and micro insurance services to its clients.
  • Provision of payment services such as salaries, gratuities, pensions for employees from various levels of government.
  • Provision of loan disbursement services for the delivery of government, institutional, group and individual credit programs for poverty alleviation on a non-recourse basis.

He thanked the team of experts who made the achievement possible in such a rural setting. These experts include Sir Femi Fapohunda, Mr Kayode Aina, Mr Anthony Ajekiigbe, Sir Felix Fapohunda, Sir Fidelis Dada, Lawyer Clara Okusidi, Mrs Titilayo Sangotayo and Mr Seun Folorusho. All in all, to God all glory!

Rev. Pastor Gabriel Adeleke

Distributed by APO Group on behalf of the Catholic Diocese of Oyo, Nigeria.

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Oyo Diocese Gets Microfinance Bank Approval

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