Novus Micro Finance Bank Boosts Farmers and SMEs in Benue State with Loans
By Aloysius Umalo, Makurdi
Novus Micro Finance Bank,
an offshoot of the Benue Investment and Property Company, BIPC has initiated an empowerment scheme for farmers and small-scale business enterprises in Benue State by providing financing options for agribusiness ventures and facilitating access to broader markets.
The Managing Director and Chief Executive Officer, Mrs. Patricia Goja, revealed this initiative in Makurdi, the State Capital, emphasizing that the credit products are tailored to support SMEs and farmers within the state amidst prevailing economic challenges in the country.
“Novus Micro Finance Bank is empowering farmers and small businesses in Benue State with financing and market access, as well as expanding our reach to boost economic growth”
Mrs. Goje said with a strategic focus to expand it’s operations to all 23 Local Governments in the state, the bank has deployed a network of over one thousand agents to engage with residents, offering financial advice, and to ensure seamless enrollment in the BVN system.
Mrs. Goja highlighted Novus Micro Finance Bank’s commitment to financial inclusion in Benue State, with plans to extend services to cover all the 276 Council Wards in the state and a long term plan to expand operations to Abuja and beyond.
She emphasized the role of technology in facilitating service expansion while prioritizing customer data security.
“The bank is actively collaborating with organizations like SMEDAN and the Ministry of Agriculture to provide training and resources to enhance productivity in the agricultural sector”.
According to her, Novus Micro Finance Bank is focused on supporting farmers by offering facilities and quality inputs, with interest rates between two and five percent tailored to individual circumstances.
She explained that the institution has also made significant progress in loan recovery efforts since acquiring the assets and liabilities of the defunct BIPC Micro Finance Bank.
According to her, “the bank is working diligently to trace borrowers who defaulted in their loans to recoup the outstanding debts through a recovery agent with a recovery target of up to 80 percent of the loan”.
Despite challenges, Mrs. Goja noted that the bank has garnered strong support in the state, recently disbursing over one point five billion Naira in loans and opening more than 20,000 accounts in nine months of its operation.
She said the success recorded so far positions Novus Micro Finance Bank as a frontrunner in financial services within Benue State.
”The success Novus Micro Finance bank has surpassed that of many other microfinance institutions in the country, establishing Novus Micro Finance Bank as a leader in financial services”.
