Aibio MfB Values

Aibio is the name chosen by the promoters of this new microfinance bank which is located Yanke Market Square (roundabout) Iganna, a major town situated in Oke-Ogun area of Oyo Sate under Iwajowa Local Government Area.

Over the years, Iganna Community has been enjoying the services of a Microfinance, this started when the people of the town established the then Iganna Community Bank in 1996. Later, a branch of Nigeria Agricultural Development Bank now called Nigeria Agric Bank jointed the numbers of Rural Microcredit institutions in the area.

By year 2007, the then Iganna Community Bank ceased from existence as a result of impairment on the shareholders fund of the bank and inability of the promoters to raise the required minimum share capital for a Unit or Local Microfinance Bank license. This led to the acquisition of the bank by Crest Microfinance Bank Limited, located at Oke-Bola, in Ibadan.

The recent changes in the policy guideline on microfinance has led to reclassification of Microfinance Banks into National, State and Unit with different capital bases, which also changed the ballgame and left the town without any operating microfinance bank.

Crest Microfinance Bank on the other hand, had a branch of their operating offices at Iganna was operating under Unit Microfinance Bank License; hence the branch of the bank had to be closed down when the bank could not attain a State Microfinance Bank status. The Central Bank of Nigeria circular on de-consolidation could not ease the process of making branch a Unit Bank because stipulated processes and procedure could not be achieved within the set time.

When all efforts failed, the indigenes of Iganna then moved the idea of having a newly registered Microfinance Bank to be known and called “AIBIO Microfinance Bank Limited”. To establish the bank, the following principles were followed;

1. Assemblage of the interested new promoters under a new idea.
2. Create a link with the demise Crest Microfinance Bank for the purposes:

(i). Acquire their existing infrastructure to drive the new bank’s operations.
(ii). Sample the  the customers of the then Crest Microfinance Bank on the possibilities of transferring their allegiances to the oncoming Aibio Microfinance Bank Limited.
(iii). Sample and assess the clients’ ratings of the then Crest Microfinance Bank as regards services delivery and facilities available is appropriate for its adoption into the new Aibio Microfinance Bank Limited as proposed.
(iv). If acceptable, the new bank can built upon the existing image which Crest Microfinance Bank has created over the years.

The name is derived from the ancestral linkage of Iganna town – “AIBIO”.

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