By Gabriel Enogholase
BENINâ€”THE Benin monarch, Oba Erediauwa, has lauded the initiatives of micro-finance banks in the country in coming to the rescue of poor rural dwellers and the less privileged in the society in the face of the global recession.
Oba Erediauwa stated this in Benin yesterday when he played hostÂ to the Chief Executive officer (CEO) of Integrated Micro-Finance Bank (IMFB), Mr. Simeon Akinteye.
He advised operators of Micro Finance Banks to ensure that the objectives of their establishment wereÂ geared towards the intended financially disadvantaged populace.
In an interviewÂ with newsmen, the (CEO) of the BankMr. Simeon Akinteye, disclosed that one of the objectives of Micro-finance banks was to strengthen and encourage the savings culture ofÂ clients and individuals, adding that by so doing, it would create more liquidity and integrate the main stream of the economy.
He disclosed that micro-finance banks were exploring opportunities available in the international market, which he maintained, was attracting attention from developmental organizations like the United State Agency for International Development (USAID).
According to him â€œwe are exploring a working relationship with these institution, which has approved Integrated Micro-Finance Bank (IMFB) as a partnering bank in Nigeria with lots of support in form of guarantee and loans, are at advance stage of collaboration with (FMO) to weather the storm of global economic recession.â€
He explained thatÂ in order to meet up to the economic global challenges, the bank was raising its equity level from N2.5 billion to N5.6 billion by way of private placement, adding that local bonds will be accessed as avenue to long term capital.