By Olayinka Latona
Resurrection Praise Ministries for Africa has opened Vining Microfinance Bank Ltd to help empower the less privileged and give succor to those at the grass root level.
The Presiding Bishop, Mr. Samson Mustapha Benjamin, explained that this project was embarked upon to support development of the nation economically.
“Microfinance banks are imperative in the development of the nation and all developed nations depend on their small and medium scale businesses to grow their economies.
“Vining Microfinance Bank has come to support both small and medium scale businesses by providing funds to them.”
Bishop Benjamin also said that Nigeria has to venture more into manufacturing for it to progress and developed rapidly like other developed countries.
He noted that Nigeria is a consumer nation and that if this attitude is not checked, it will hinder the nation form development.
He, however, urged people to open accounts with the Vining MFB as â€œVining MFB Ltd. is here to support development from the grass root since the policy establishing MFBs in Nigeria is toÂ develope the nation economically.
“Also, developed nations actually depended on small and medium scale businesses and this is a place that supportÂ an individual with little money to venture into manufacturing. Also we are already into the business, the bank is already officially opened and I emplore all to come and open their account with the Vining MFB.â€
Also speaking, the Managing Director of Vining MFB,Mr. Nonso Onyia, said the bank is aligned with two churches, Arch Bishop Vining Memorial Cathedral Church and His Resurrection Praise Ministries, for long term loan.
â€œThis will help Vining MFB stand out and not run into any future problem because the two churches will provide us with long term finances.
â€œWith these long term finances, we donâ€™tÂ see ourselves running into problems that others are running into. We are assuring all our customers that there is going to be sustainability and we are going to make the difference in the market.
â€œAlso, we are partnering with a church that has the vision of empowering people and alleviating poverty. Because there is a different between poverty alleviation and economic empowerment and what I have done as my position is that I have change my mind set from the industrial banking mind set to retail banking mind set.â€