ByÂ Anayo Okoli
Umuahiaâ€”Abia State Deputy Governor, MrÂ Chris Akomas has described MicrofinanceÂ BanksÂ asÂ veritable tool for the empowerment of the rural masses to change their lives for the better.
Akomas who spoke when the Abia State Chapter of Association of Microfinance Institutions (AMFI/Abia) paid him a courtesy visit at Government House, Umuahia, commended the transformation of the former Community Banks into Micro-finance Institutions and banks.
According to him, the transformation underscores governmentâ€™s desire to make available,Â micro-credit to the masses for effective wealth creation and poverty reduction.
He noted that the state government is also working on critical areas to move the productive sector of the economy forward through the establishment of Industrial Clusters for investment opportunities.
The Deputy Governor also noted with joy the establishment of a Central Bank of Nigeria (CBN) branch in the state, which he said wasÂ to leave a lasting legacy of prosperity for the people.
He announced that in collaboration with IITA, ten additional cassava processing plants are being established across the state to draw from available raw materials to meet the international market need for processed cassava products.
Akomas challenged the association to enlighten the people on the need to pay taxes,Â pledging governmentâ€™s support to genuine Microfinance Institution to empower the people by providing effective and efficient services at the grassroots.