By Peter Egwuatu
Afribank Nigeria Plc has set aside the sum of N3billion to fund its specialized Cement and Flour Distributorship Scheme to aid the business of flour mills and cement dealers nation-wide. The scheme is designed to fund working capital needs of the dealers.
Joke Giwa, Executive Director, Corporate, Commercial and Retail Banking, Afribank, at a Business Forum organized by the bank for Flour Mills and Cement Dealers in Lagos last week stated that “Afribank believes in empowering its customers by helping them to achieve their goals”.
The bank will also support the dealers with value added services which include flexible banking hours; transaction based lending anchored on Authority to Collect (ATC), mobile banking and financial advisory services to aid their business decisions. The services are available to both existing and prospective dealers.
She added that Management of the bank believed that the support to the flour mills and cement dealers will enable them to increase their business capacity, expand outlets and increase their revenue.
Joke Giwa explained that the bank will assist the dealers to increase their sales volume and profitability through access to credit as well as management of accounting records and offering of business advisory services.
Commenting on the services of the bank at the forum, a customer, Lady V.P Okejie, Chief Executive Officer, Blessed Peace Enterprises Limited, said, “one thing I know about Afribank is that they have no hidden charges.
It would be recalled recently, Afribank was appointed by the federal government through the Federal Ministry of Finance and the Universal Basic Education Commission has designated Afribank Nigeria Plc and other selected banks as Universal Basic Education (UBE) Funds Domiciliation and disbursement bank.
The signing ceremony for the funding was done in Abuja recently. Mr. Achinivu, Ochi Chinoyerem, the Permanent Secretary, Federal Ministry of Finance, congratulated Afribank for scaling through and meeting the requirements that made it to be appointed for the fund disbursement.
Mr. Chinoyerem acknowledged the vital role of banks in the Federal Government’s aspiration to bring about development in the educational sector and the economy.
By this appointment Afribank will participate to warehouse the FGN 50% matching contribution to the Universal Basic Education Scheme in partnership with the State Governments.
Commenting on this collaboration with the Federal Government, Mr. Nebolisa O. Arah, Group Managing Director, Afribank Nigeria Plc, said, “the appointment of Afribank, for the UBE funding scheme, demonstrates Afribank’s capacity to discharge its role as a strategic development partner with the Government at all Levels”.