Akwa Ibom State Government has lauded  the contributions of MicroFinance Banks, MFB, to the growth of the macro economy of the state.
State Deputy Governor, Mr. Moses Ekpo who stated this during the opening of Stanford Microfinance Bank in Uyo said that their  services to economically active but low income businesses and employment has continued to engender rural development and reduce poverty in the state.
Ekpo lauded the initiative of the promoters Idems Ultimate Limited considering that they commenced business with a modest capital of N45,000 with only two staff members in 2005 and expressed joy that the business has now expanded to become a multimillion naira business with interest in ICT, Telecom, 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 specialized products buttress the fact that the institution is committed and well positioned to raise the next generation of entrepreneurs in our state and beyond.” He added.
He urged the institution to adopt global best practices in its operations, comply strictly with regulatory requirements from the Central Bank of Nigeria, CBN and other bodies in the subsector as the success story of the bank would depend  on their adherence to its core values of excellence, integrity and professionalism.
The Deputy Governor assured the institution of state government’s commitment to chart new paths and break fresh grounds in order to exceed its current investor-friendly rating.
“The giant strides so far recorded by the one-month old government attest to the readiness of the Akwa Ibom State Government to vigorously pursue the developmental goals of industrialization, food security, manpower development and women empowerment.
“I urge all to put on their thinking caps and conceive fertile ideas capable of accelerating our Eldorado of sustainable development and socio-economic emancipation,” he said.
In his remarks, Stanford Chairman Mr. Unyime Idem expressed hope that  Microfinance banks in the country has been repositioned to raise the next generation of entrepreneurial leaders by empowering and transforming them for the better.
“Our products are uniquely designed to meet customers’ specifications and ensure they have value for their money. All our processes and structures are tilted towards customers’ satisfaction.” He stressed.