Catholic Oyo Diocese floats microfinance bank 

The Catholic Diocese of Oyo has got the approval of the license in principle from the Central Bank of Nigeria (CBN) for the establishment of Ave Maria Microfinance Bank (Proposal). 

The effort of the diocese, which is situated in the southwestern Yoruba, led by the diocesan coordinator of the Justice, Development and Peace Movement, (JDPM) Rev. Fr. Gabriel Adeleke, is to address the need of people for financial inclusion, which today it is widely considered a right of all citizens to social inclusion, to a better quality of life and a tool to strengthen the economic capacity and capacities of the poor in a nation.

This gives people and businesses access to useful and affordable financial products and services that meet their needs for transactions, payments, savings, credit and insurance delivered in a responsible and sustainable manner.

The non-existence of commercial banks in Iwajowa local government had denied people the right to pursue their dreams to the fullest because until now they were excluded from the formal financial sector. This lack of access to financial tools impacts the socioeconomic mobility of the population. Unfortunately, it prevents them from escaping poverty.

“In the midst of all these challenges, the JDPM of the Catholic Diocese of Oyo, the diocesan body that coordinates the social projection of the diocese, continues to echo the voice of the Fathers of Vatican II that the joys and hopes, the pains and anguish of the men of our time, especially those who are poor or afflicted in some way, are the joys and hopes, the pain and anguish also of the followers of Christ.

“Therefore, in deep solidarity with the people in the Oke Ogun area who have been substantially financially excluded, the JDPM of the Catholic Diocese of Oyo with its other empowerment interventions among the people, through its Legal Holder, the Bishop Badejo, and the coordinator of JDPM, Reverend Father Gabriel Adeleke had the idea of ​​creating a microfinance bank that can provide people in the Oke Ogun area with access to basic financial services such as formal bank accounts, insurance, transaction services, loans and other permitted services,” the church said in a statement.

In his remarks, Bishop Badejo, citing the words of Jesus in John 10:10 I have come that they may have life, and have it in all its fullness, acknowledged the financial exclusion of most of our people in the Oke-Ogun area. , both Muslims and Christians alike, especially in the Iwajowa Local Government Area.

He highlighted how this exclusion has denied them basic opportunities as children of God. He highlighted the commitment of the Catholic Diocese of Oyo to collaborate with the government in its goal of a financial inclusion rate of 95% by 2024. He did not hesitate to call on different institutions and individuals to join the Catholic Diocese of Oyo to make this praiseworthy.

In the same vein, Fr. Adeleke, the coordinator and speaking as one of the main promoters of the proposed bench, expressed satisfaction at receiving the license approval in principle. He revealed that the proposed bench will bring about a series of impactful interventions in the lives of people in the Iwajowa Local Government Area and the Oyo Diocese in general, regardless of their religion, race or gender.

According to him, these, among others, are the services that people will enjoy from the proposed bank: Acceptance of various types of deposits, including savings, term, destination and view of individuals, groups and associations; except public sector deposits. Provision of credit to its clients, including formal and informal self-help groups, individuals and associations. Promotion and monitoring of loan use among its clients by developing auxiliary skills in areas such as record keeping and small business management. Issuance of redeemable debentures to interested parties to raise funds from members of the public with the prior approval of the CBN. Collection of money or banking instrument products on behalf of its clients, including clearing checks through correspondent banks. Agency services for the provision of mobile banking and microinsurance services to its customers. Provision of payment services such as salary, gratuity, and pension for employees of the different levels of government. Provision of loan disbursement services for the delivery of the credit program of the government, agencies, groups and individuals for the alleviation of non-recourse poverty.