The Merchant Micro-Finance Bank (MMFB) Ltd, has promised to float a N2b community loan scheme, that would be extended to associations and groups anywhere in the country that intend to embark on any community-based projects.

The bank, being promoted by Item Development Association's would receive its operational licence from the Central Bank of Nigeria (CBN) soon .

Already, the promoters of the bank have received N20m loan from their Abia State government in addition to the minimum paid capital base, required by the bank to commence its operations which they had earlier raised.

Speaking during the second "Item Annual Day of Praying and Fasting Programme", tagged "Come closer to Me" at Okagwo Item, Bende local government, Abia State, the Asst. Secretary-General of the association, Chief Onwukwe O. Onwukwe " said that through the operations of the bank, it would change the socio-economic landscape and face of various communities through funding of community-based positive impact projects been initiated by associations as part of its contributions to the economic empowerment of the rural populace and socio-economic transformation of our communities.

He expalined that the resolve to open the bank was to " actualise the IDA'S four print vision to reposition Item community, socio-economically, politically and culturally, adding that MMFB Ltd, would change the face of development in rural communities in Nigeria through funding positive impact projects and at the same time, help Item indigenes have access to credit facilities in plying their trade."