Emerging Africa Capital acquires Gwong MFB

Emerging Africa Capital Limited has acquired Gwong Micro Finance Bank (MFB) in Kagoma, Southern Kaduna, with a commitment to improving the lives of rural farmers in the communities.

Emerging Africa Capital, a non-banking financial services company, acquired 100 per cent shares of Gwong MFB from its shareholders with a vision to recapitalise the bank and pursue its goals by empowering the rural farmers in the area.

Speaking at the commissioning and rebranding ceremony, Group Executive Director, Business Development, Mahmoud Shaibu Kasandubu, said the need to provide credits to the predominantly farming communities in Gwong and around Kafanchan to boost their farming activities informed the company’s decision to acquire the bank.

“We are at Emerging Africa have identified the Gwong community whose people are largely farmers who specialise in the farming of ginger. We deemed it necessary as part of our strategy to encourage and improve the lives of the people here through the provision of credits.

“Credits will help them to acquire agricultural equipment, seedlings and fertilizer to boost their farming activities,” he said.

Kasandubu stated that the company retained the name and location of the bank in Gwong land to sustain the vision of the founding fathers.

He enjoined Gwong people to take ownership of the bank and work towards ensuring its success.
Also speaking, the Acting Managing Director, Blessing Atigogo, called on the people to form themselves into co-operatives to easily access loans.

Atigogo listed the services offered by MFB to include traditional micro-financing services, agric-SME funding/product banking, micro saving/deposits, microloans, digital banking as well as payment solutions.