Oyo, 18 May, 2022 / 10:20 am (ACI Africa).
The proposed Ave Maria Microfinance Bank of the Catholic Diocese of Oyo in Nigeria that received approval from the Central Bank of Nigeria (CBN) is set to benefit millions in the Nigerian Episcopal See.
In a Tuesday, May 17 report, the Diocesan Coordinator of the Justice, Development and Peace Movement (JDPM) in the Catholic Diocese of Oyo confirms the approval of the financial entity that he says is “a tool for strengthening the economic capacity and capabilities of the poor”.
The decision of Oyo Diocese to establish Ave Maria Microfinance Bank “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,” Fr. Gabriel Adeleke says.
In his report posted on the Facebook page of Oyo Diocese, Fr. Adeleke shares about the reaction of the people of God in the Nigerian Diocese, “especially those of Iwajowa Local Government and the entire Oke Ogun area, which population is roughly 1.5 million”, to the news of the CBN “approval of the license in principle for the Ave Maria Microfinance Bank (Proposed)”.
The bank is expected to give individuals and businesses “useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit, and insurance delivered in a responsible and sustainable way,” the Nigerian Catholic Priest says.