The joy of the people of the Catholic Diocese of Oyo,especially those of Iwajowa Local Government and the entire Oke Ogun area, knew no bounds with the recent approval of the license in principle for the Ave Maria Microfinance Bank (Proposed), being promoted by the diocese.
The approval came during the pastoral visit of the bishop Most Reverend Emmanuel Adetoyese Badejo to the Oke Ogun area is directly from the Central Bank of Nigeria,a statement said.
The effort of the diocese, which is marshalled by the diocesan coordinator of the Justice, Development and Peace Movement, (JDPM) Rev Fr. Gabriel Adeleke, is to address the peoples need for financial inclusion which is today widely considered a right of all citizens to social inclusion, to better quality of life and a tool for strengthening the economic capacity and capabilities of the poor in a nation.
This gives access to individuals and businesses for useful and affordable financial products and services that meet their needs transactions, payments, savings, credit, and insurance delivered in a responsible and sustainable way.
In his remarks, Bishop Badejo,acknowledged the financial exclusion of most people in Oke-Ogun area, both Muslims and Christians alike, especially in Iwajowa Local Government Area.
He disclosed how this exclusion has denied them basic opportunities as children of God.
He underscored the commitment of the Catholic Diocese of Oyo in collaborating with government in its target of 95% financial inclusion rate by 2024.
He implored different institutions and individuals to join hands with the Catholic Diocese of Oyo to make the project more impactful.
Father Adeleke, the coordinator and one of the key promoters of the proposed bank, expressed delight with the reception of the Approval in Principle license.
He disclosed that the proposed bank will bring series of impactful interventions in the lives of the people in Iwajowa Local Government area and of Oyo Diocese at large irrespective of religion, race, or gender.
According to him, these among others are the services the people will enjoy from the proposed bank:acceptance of various types of deposits including savings, time, target and demand from individuals, groups, and associations; except public sector deposits,provision of credit to its customers, including formal and informal self-help groups, individuals, and associations.
Other benefits include;promotion and monitoring of loan usage among its customers,collection of money or proceeds of banking instruments on behalf of its customers,agency services for the provision of mobile banking and micro insurance services to its clients,provision of payment services such as salary, gratuity, pension for employees of the various tiers of government as well as provision of loan disbursement services for the delivery of the credit programme of government, agencies, groups, and individual for poverty alleviation on non-recourse basis.
He thanked the team of experts who made the feat possible in such a rural setting.