Stanford Microfinance opens shop in Akwa Ibom

Stanford Microfinance Bank has started operations in Uyo, Akwa Ibom State, after its registration with the Central Bank of Nigeria(CBN) and other regulatory agencies.

Performing the official opening of the bank in Uyo, the Akwa Ibom State deputy governor, Moses Ekpo lauded the contributions of micro-finance institutions, existing primarily to provide services to economically active but low income businesses, employment, engender rural development and reduce poverty in the state.

Lauding the initiative, he said: “I was informed that the promoter of Stanford Microfinance Bank Limited, Idems Ultimate Limited, commenced business with a modest capital of N45,000, with only two staff members in August 8, 2005.

Today, that mustard seed has expanded to become a multimillion naira business with interest in ICT, telecommunications, real estate, banking, among others.

“Considering the track record of its promoter, Stanford Microfinance Bank Limited is founded on time-tested value of hard work, determination, resilience with several possibilities and opportunities.

The highly commendable and specialised products buttress the fact that the institution is committed and well positioned to raise the next generation of entrepreneurs in our state and beyond.”

The Deputy Governor assured the institution of state government’s commitment to chart new path and break fresh grounds in order to exceed its current investor-friendly rating.

The Chairman of the institution and Chief Executive Officer of Idems Ultimate, Unyime Idem, said the vision is to be a world class banking institution that empowers and satisfies the financial needs of its customers, as well as ensure good returns to its stakeholders while the mission is to make high quality financial services available and affordable to all.

Idems said products of the bank are uniquely designed to constantly add value to the lives of customers, thereby instilling in them the spirit of entrepreneurship, self reliance, respect and self-reliance. He added that the bank was set up to provide credit to customers, especially small and medium scale enterprises, as well as low income earners.