President of Auto Spare parts and Machinery Dealers Association (ASPMDA), Lagos International Trade Fair complex, Hon. Ngozi Emechebe has revealed that all is getting set for the effective take off of ASMPMDA Microfinance Bank (MfB).
Speaking to journalists during a media chat in his office on Monday, April 8, 2024, he said the need to set up the bank came from the desire of his administration to deliver financial services to members.
According to him, “We already have a suitable banking hall and we are putting everything in place to begin the banking services of the MfB immediately we get the final nod from the Central Bank of Nigeria (CBN).
“On the share structure, whereas ASPMDA will hold and maintain the controlling shares, there will be opportunity for eligible members of ASMPDA interested in investing in the bank to do so freely as my government is very open in everything we do.
“The MfB is packaged in a way that it shall be independent of every ASPMDA administration to as to maintain neutrality from the politics in ASPMDA.
“Its going to be one of my administration’s legacy projects for ASPMDA.
Hon. Emechebe revealed further that as soon as the bank takes off, strategic ASPMDA payments and receipts will be channeled through the bank and members will be encouraged to equally open and run their business accounts in the bank.
