The newly established NET Microfinance Bank is gearing up to provide credit facilities and financial education to Micro, Small, and Medium Enterprises (MSMEs) and farmers in Dawaki community, Abuja.
Saidu Yusuf, the Managing Director of the bank, shared during the launch that the institution’s mission is to extend financial services to small business owners who have been overlooked.
“NET Microfinance Bank was conceived two years ago because we observed that in the entire Dawaki, there is no commercial or microfinance bank. This is why we decided to establish this here. Before we did that, we conducted a survey to understand the businesses here so as to better meet their needs,” he explained.
The bank’s research revealed that a significant portion of the businesses in the area falls under the category of micro, small, and medium enterprises, and they face challenges not just with savings but also with withdrawals. NET Microfinance Bank aims to address these issues.
Yusuf also noted that there are plans to introduce agricultural services for farmers in nearby communities. “We also discovered that many people in neighboring communities are into farming, so we are trying to meet their needs, not necessarily in cash but through the provision of farm inputs. This way, we will ensure that funds are not diverted,” he stated.
“For the MSMEs, we are training them on basic business practices. We discovered that many of them do not have an understanding of cash flow, so we will give them points of sale (POS) machines for their businesses. This will help them track their cash flow. Our aim is to ensure that we get the unbanked and underbanked to be financially included. This will also help them save, and know the size of their businesses, and determine what they need to expand,” Yusuf added.
Kolawole Idiaro, the Chairman of NET Microfinance, expressed regret that the community, with a population of over 500,000, lacked the presence of a commercial or microfinance bank. He emphasized that the bank’s launch aims to alleviate this burden, providing access to financial services within the community.
Furthermore, he highlighted that the bank is leveraging technology, including a mobile app, USSD on mobile networks, and a seamless banking experience to meet customer expectations.
“NET Microfinance Bank is in Dawaki for a very strategic purpose. In this whole area, there’s no single bank, so they are excluded from banking services. Our service is not going to be like other microfinance banks. As we are launching today, we have mounted two ATMs out there. So, if we close business by regulatory time, the bank is still running and they can access our services through the ATMs,” he emphasized.
