Miners’ Microfinance Bank To Begin Operations In 2016 – President | Independent Newspapers Limited
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Miners’ Microfinance Bank To Begin Operations In 2016 – President

Posted: Jul 15, 2015 at 1:03 am   /   by   /   comments (0)

Miners Association of Nigeria (MAN) has said that it would establish a microfinance bank for small-scale miners next year.

National President of MAN, Alhaji Sani Shehu, said this in an interview with the News Agency of Nigeria (NAN) in Abuja, adding that the proposed Miners Microfinance Bank would begin operations before the end of 2016.

According to him, the proposed bank would no longer be completed this year, as scheduled.

“The bank is still in process; it will no longer start operation this year as proposed because when the idea was conceived, the association thought it could be formalised in just two months.

“At a recent a meeting we had with our consultant handling the project, he indicated that there were procedures to be taken; hopefully, it will now commence operation before the end of 2016,’’ he said.

Shehu said the establishment of the bank would cover the funding gap in the nation’s mining sector, adding that small-scale miners carried out about 90 per cent of the mining activities in the country.

He said the terms and conditions of the bank’s loans would be favourable as the interest rate and loan repayment terms would be different from those of the conventional banks.

Shehu, however, stated that the bank would be supported through multiple windows, saying that investors would be involved in the bank to enable it generate some profit from its operations.