PATRICK ABANG, Calabar –
Mr Emmanuel Esezobor, The Acting Managing Director of First Royal Micro Finance Bank (FRMFB) Calabar, a subsidiary of the Brotherhood of the Cross and Star has disclosed that the bank is ready to raise equity of N500m before the first quarter of 2022.
Speaking in an Interview after bagging the Best Microfinance Bank in Customer Relation and Credit Management by Africa Brand Award, Mr. Esezobor said “it is not easy to raise equity of half billion naira (N500 million) but we belong to a kingdom which is the Brother Hood of the Cross and Star”, stressing that the bank will do just that because of its leader Olumba Olumba Obu.
The Central Bank of Nigeria (CBN) had in a circular on March 2018 initiated the recapitalization of Microfinance banks which gives banks a timelines to attained certain minimum capital requirements.
According to the CBN, “Tier 1 unit microfinance banks must meet N100 million capital threshold by April 2020 .and N200 million by April 2021, Tier 2 unit microfinance banks must meet a N35 million capital threshold by April 2020 and N150 by April 2021.
Also state microfinance banks must increase their capital to N500 million by April 2020 and N1bilion by 2021 while national microfinance must hold capital of N3.5 billion respectively.
However due to COVID-19, the apex Bank in another circular in 2020 extended the timeline to 2022.
The Ag. MD, further, disclosed that in less than three months his bank won the best bank with 100 percent compliance with safety nets by the state’s Safety Commission and three weeks later won another African Best Microfinance Bank in Customer Relation and Credit Management by Africa Brand Award .
”We remain the best (MFB) with 100 percent compliance in safety net, our staff are discipline, our doors are open, and always ready to assist customers”.
“For now our ambition is to transform to a state microfinance bank with branches across the 18 Local Government Area’s of Cross River State'”
”On the uniqueness of (FRMFB) he started that you bring an application for loan , you don’t need to know me, but meet our requirements and you get an answer”
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