By Francis Akinnodi
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The expanding Microfinance Bank added value to the nation’s economic development when properly supported.
Ondo State Deputy Governor, Lucky Aiyedatiwa declared this at the opening of a Microfinance Bank, in Maitama, Abuja.
Aiyedatiwa who was the Special Guest of Honour at the event said, “two critical components that play vital roles in our nation’s economic development: Microfinance Banks and Information and Communication Technology ( ICT ).”
“These pillars possess the transformative potential to uplift communities, empower individuals and drive economic growth when effectively harnessed.”
According to statement signed by Media Officer, office of the Deputy Governor, Mrs Olamiposi Odofin, Aiyedetiwa said Microfinance Banks serves as catalysts for economic progress, particularly in developing countries where a significant portion of the population operates within the informal sectors.
“By providing small loans, savings accounts and other financial services, Microfinance Banks enable individuals to establish and expand businesses while improving their livelihoods”, he said.
Speaking on ICT, Aiyedatiwa emphasized that ICT has become an indispensable tool for economic development, revolutionizing communication, business transactions and access to information.
“The integration of ICT in Microfinance Banks has enhanced the delivery of financial services, making them more efficient, accessible and secure,” he disclosed.
While reinstated the unflinching support which Ondo State Government under Arakunrin Oluwarotimi Akeredolu, SAN, CON, has given to investors and other private enterprises in the State, Aiyedatiwa charged the management of CLOUD BANK Microfinance Bank on the need to have branches in the sunshine state.
“The recent approval of Port Ondo by the Federal Government signifies that Ondo State is globally accessible and primed for commerce.”
