Bayelsa Govt Assures Izonebe Micro-Finance Bank of Support to Achieve Financial Self-reliance
The Bayelsa State government has assured that it will give all necessary support to the state-owned Izon-Ebe Micro-Finance Bank (IMFB), to enable it achieve financial self-sustenance.
The state Deputy Governor, Senator Lawrence Ewhrudjakpo, gave the assurance when the Management Board of the bank led by its Chairman, Chief Ayakeme Whiskey, paid him a courtesy visit in Government House, Yenagoa.
Describing the move as a welcome development, the Deputy Governor assured that government would give the IMFB the needed assistance to enable it overcome its immediate challenges including funding gaps.
Responding to the IMFB proposal of providing banking services for local government workers and primary school teachers in the state, Senator Ewhrudjakpo stressed the need to carry out a proper feasibility assessment before transferring staff salary accounts from where they are.
He noted that over 70 percent of local government workers have sourced and obtained loans from commercial banks, adding that such workers have to pay up their loan liabilities before they can migrate to the IMFB.
Senator Ewhrudjakpo therefore advised IMFB to meet with the management of the various councils, workers’ unions, commercial banks and other critical stakeholders to work out the right modalities for such transfer.