Poverty alleviation will soon become a reality in Abia State other than being preached. This is a fact considering the readiness of MOUAU MFB Ltd in partnership with Quintessential Business Women Association to commence disbursement of Micro Small and Medium Enterprises Fund provided by Central Bank of Nigeria through the bank at a single digit interest rate to qualified micro business mostly operated by women.
On 13th June, 2015, a flag-off for the disbursement was done at Michael Okpara University of Agriculture Umudike where two cooperatives received a bank cheque of Five Million Naira (N5,000,000) each. The leaders of Nneji Multi-Purpose Cooperative Society and Celisam Multi-Purpose Cooperative Society received the cheque on behalf of the cooperatives.
In their reaction, the women expressed their joy, and appreciated the effort the management of the bank and that of the QBWA for the gesture and pledged their willingness to make judiciously invest the funds in their various projects and repay them as and when due to CBN.
In his address, the Vice Chancellor of the University, Prof. Hilary Odo Edeoga ably represented by the Managing Director of the bank, Mr. Bashir Ogungbangbe emphasized the need for the cooperatives to see this gesture as a stepping stone to their advancement and advised them to ensure that the funds are not diverted to other uses different from the purpose for which it was disbursed to enable them make repayments seamlessly.
In addition, the Vice President of Quintessential Business Women Association, Mrs. Janet Eyo said the Association was born out of the vision to empower women since their hands have been weak for too long and highlighted that the fund will revolve for Ten (10) years thereby creating room for more women to participate.
It was a happy day for the women in Abia State.