The Abia State government has revealed that it would set up a Small and Medium Enterprise (SME) micro-finance bank.
This was disclosed by the Commissioner for SMEs in the State Gabriel Igboko in Umuahia, the state capital on Wednesday.
According to Igboko, the bank which would start in October will help small-scale entrepreneurs in the state.
“By October, we would have completed all formalities to have Abia SME microfinance bank established,” he told NAN.
“The governor has since given his approval. We have gone to CBN and we have met all the conditions. We are just trying to tie all the necessary loose ends in terms of documentation.
“The micro-finance bank identifies those businesses that would come for as small as N20,000 loans or N50,000 and even up to N500, 000 loans.”