Today, October 16, 2021, Dr (Mrs.) Ngozi Ogbonna-Erondu, Special Adviser to the Governor on Diaspora Matters and the Ag. Executive Secretary , Abia State Diaspora Commission met with the MD of the Abia SME bank, Chief Kingsley Nwaobilor who happens to also be a diasporan to work out the modality for the proposed partnership with ABIA SME MICROFINANCE BANK LIMITED. She took a tour of the facility and witnessed the ongoing software training. She was impressed with what Chief Nwaobilor has been able to achieve in the short time since the relaunch of the SME bank.
The partnership is aimed at assisting entrepreneurs in Abia State using funds raised by Diasporans. To enable the success of this venture, the bank has created the Diaspora Investment Credit Support Scheme, an instrument for Diasporans to individually and collectively deposit the said funds. The beneficiaries will be contacted, trained on financial management where necessary prior to disbursement of funds. In addition, the bank will act as supervisors to the beneficiaries and ensure they open an account for repayment. The return on investment will be deposited back into the Diaspora investment account.
The bank and the Diaspora Commission will serve as managers of the empowerment scheme.