Deputy Governor of Akwa Ibom State, Mr. Moses Ekpo, has lauded the contributions of microfinance institutions, existing primarily to provide services to economically active but low income businesses, employment, engender rural development and reduce poverty in the state.
Mr. Ekpo, who made this known during the official opening of Stanford Microfinance Bank Limited for operation in Uyo, on Wednesday, said: “I am informed that the promoter of Stanford Microfinance Bank Limited, Idems Ultimate Limited, commenced business with a modest capital of N45,000 with only two staff members in August 8, 2005. Today, that mustard seed has expanded to become a multi-million Naira business with interest in ICT, Telecom, Real Estate, Banking, among others.”
“Considering the track record of its promoter, Stanford Microfinance Bank Limited is founded on time-tested value of hard work, determination, resilience with several possibilities and opportunities. The highly commendable and specialized products buttress the fact that the institution is committed and well positioned to raise the next generation of entrepreneurs in our state and beyond,” he added.
He urged the institution to adopt global best practices in its operations, comply strictly with regulatory requirements from the Central Bank of Nigeria (CBN) and other bodies in the subsector, stressing that the success story of the bank will depend principally on adherence to its core values of capacity, excellence, integrity, professionalism and empathy.
Mr. Ekpo assured the institution of state government commitment to chart new paths and break fresh grounds in order to exceed its current investor-friendly rating.
“The giant strides so far recorded by the one-month old government attest to the readiness of the Akwa Ibom State Government to vigorously pursue the developmental goals of industrialization, food security, manpower development and women empowerment.”
While commending Idems Ultimate Limited for their contributions towards the socio-economic development of the state, the Deputy Governor said “I urge all to put on their thinking caps and conceive fertile ideas capable of accelerating our Eldorado of sustainable development and socio-economic emancipation.”
Responding, the Chairman of the institution, Mr. Unyime Idem, said, as a company, their rich business history, pedigree and credibility has placed high, adding that the aim of the microfinance bank was to be a one-stop financial hub for all.
“Our products are uniquely designed to meet customers’ specifications and ensure they have value for their money. All our processes and structures are tilted towards customers’ satisfaction,” he stressed.
Mr. Idem expressed hope that the microfinance bank will raise the next generation of entrepreneurial leaders by empowering and transforming them for the better.
Stanford Microfinance Bank Limited, which has Ubon Attakpo, a financial management expert, as its Managing Director, has services such as Electronic Banking, 24/7 ATM, Instant Transaction Alert, Business consultancy, among others.
“Our products are uniquely designed to meet customers’ specifications and ensure they have value for their money. All our processes and structures are tilted towards customers’ satisfaction,” he stressed.
Mr. Idem expressed hope that the microfinance bank will raise the next generation of entrepreneurial leaders by empowering and transforming them for the better.
Stanford Microfinance Bank Limited, which has Ubon Attakpo, a financial management expert, as its Managing Director, has services such as Electronic Banking, 24/7 ATM, Instant Transaction Alert, Business consultancy, among others.
Highpoint of the event, which had in attendance Deputy Speaker of Akwa Ibom State House of Assembly, Mr. Effiong Bassey; former Deputy Governor, Lady Valerie Ebe, Barrister Onofiok Luke; Otobong Akpan; Chief Senas Ukpanah; Engr. Etim Inyang Jnr; Mr. Aniekpeno Mkpanang; Aniekan Akpan; Saturday Akpan; DIG Udom Ekpoudom; Dr. Emmanuel Akpanobong; Barrister Ekong Sampson; Barrister Jerry Akpan; Sylvester Udokang; the Ntisong Ibibio, E. U. Ekidem, Obong Ememobong Essien; Bishop Moswill Umoh and Asuama Sydney, included inspection of facility and account opening for prospective customers.
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