10 December 2012

Nigeria: Jos COCIN Commissions Micro Bank

Jos — The Church of Christ in Nigeria (COCIN) at the weekend officially commissioned Light Microfinance Bank Limited at its headquarters in Jos, Plateau State.

The COCIN president, Rev Soja Bewarang, said that it is a pitiable situation that in spite of the sumptuous collections taken to the commercial banks on weekly basis, members of the church are denied access to loans because of the stringent conditions demanded by commercial banks.

The chairman, board of directors of Light Microfinance Bank, Mr. Bernard Poyi, said the total number of members who subscribed for shares in the bank was 19,452 while the share value was issued at N1.00 per share, adding that the minimum was N5,000.

Poyi explained that eligibility to subscribe for shares was limited to members of COCIN nationwide, irrespective of their social status and economic means.

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