Following approval granted it by the Central Bank of Nigeria (CBN), a new financial institution, the Maritime Microfinance Bank will formally commence operation on Monday 1st December 2014.
The Maritime MFB is the first financial institution fully dedicated to servicing the maritime industry in Nigeria.
A Director and Promoter of the new bank, Mr. Bolaji Akinola said the Maritime Microfinance Bank has been set up to fill a yawning gap within the financial services industry by offering small loans, or micro-loans, to maritime industry operators and workers who are unable to access conventional loan services.
“This is the starting point for us. We are embarking on a revolution in the provision of financial solutions for the maritime industry. We are starting as a unit micro-finance bank but our vision is to evolve into a full fledge commercial bank fully dedicated to the growth and development of the maritime industry.
“The birth of the Maritime MFB is a culmination of several years of research and team work between several well-meaning people who are passionate about growing the maritime industry,” he said.
He said the Maritime Microfinance Bank will use small and microloans to develop small businesses based on their existing talents and skill sets.
“Dockworkers, freight forwarders, truckers, port workers, staff of private companies and government organisations who mostly have challenges accessing small loans can now heave a sigh of relief as the bank for them has finally come.
“Access to finance is an invaluable element that brings growth and development to any sector of the economy. It also helps in realizing full economic capabilities of the people.
“As part of the agenda for full development of the maritime sector, access to finance has been identified by the stakeholders in the industry as one of the key elements that needs to be considered,” Akinola, who is also the CEO of Ships & Ports Communication Company stated.
He said the Maritime Microfinance Bank will build exceptional value for its clients by demonstrating incomparable care for their needs and increasing their financial wealth by providing tailored solutions to meet their financial needs and protecting their assets.
“We are deploying the latest banking technology and have developed very exceptional financial solutions that will help our clients grow.
“These are in addition to the regular banking products which include Savings Account, Current Account, Salary Account and Cooperative Account among others,” he said.
He said micro, small and medium enterprises in the maritime industry can now easily access loan facilities to grow their businesses through the Maritime MFB.
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