HISTORICAL BACKGROUND OF EBONYI STATE UNIVERSITY (EBSU) MICRO-FINANCE BANK LTD



Following the government decision to hands-off 100 percent  funding of  universities, and  strong suggestion to  universities to  explore other means of funding its self, the Ebonyi Sate University  Governing  Council in  2008  thought it wise   to establish Ebonyi State University Microfinance Bank  Ltd, having seen the successes recorded  by other universities  in the same venture  across the nation.


A temporary board was appointed by the university governing council to take oversight of the feasibility and profitability of the venture.
The board had Mr. Monday Okoro, Dr Clement Mgbada, Prof Obini Ekpe, Prof. Eric Okoli, S.N  Egwu as members, and  Dr. L.E  Idam as Chairman, Dr. B.M  Ozor, as M.D  and finally, Mr. Jerry Nwangbo as  Secretary. 

The board worked assiduously and in 2009, almost all the requirements were met. This earned the bank an interim approval from CBN in the same year.
In 2011, the Bank was given a temporal authority to commence business.
EBSU Microfinance Bank Ltd was therefore, launched on 20th July, 2011 with the state governor dully represented  by the permanent secretary of ministry of finance and   economic  development. 

However, training of staff had commenced since 1st July, 2011 after recruitment 
The state government bought 10 million shares  for  N5,000,000 only . The first year account was rendered for auditing in  December 2011.
The bank had her first annual general meeting (AGM). On 9th August 2012 where the 1st half of the 2nd year account was rendered and audited.  In the meeting, the board was permanently confirmed by the share holders. 

The bank was finally issued permanent license on 21st July, 2012 to operate as Ebonyi State University Microfinance Bank Ltd.
As at November 2012, the bank had 25 staff members, 712 customers and 88 shareholders
Today, EBSU MFBL has a capital base of N 40,000,000 and paid up capital of N39,700,000
1.12   UNITS AND THEIR FUNCTIONS
i.                   Operations/Administration
ii.                 ICU/Risk Management 
iii.              Credit/Marketing
iv.              Finance/Accounts
v.                 Cash unit
vi.              IT unit
vii.            Customer care
viii.         Security 
ix.              Archive
i.                   Operations/Administration:  This unit is headed by the General Manager, Mr.  Egede–Esheya Alexander with Akpatu Esther N as the P.A. this unit is responsible for all banking  operations,  which include deposit and withdrawal of cash, up dating   of cash with drawal and deposit booklets, approval of cash advance  (internal expenses),  staff training, advert placement, interview and  employment, the unit also offers professional advice  to  individual customers 
ii.                 ICU/Risk Management:  The unit is responsible  for  appraising  loan  applications, cross–checking of posted transactions and their corresponding  slips,  this unit also affers  professional advice to loan  applicants . This unit is headed by Mrs. Uduma C Franca
iii.              Credit /Marketing:  The unit takes care of credit appraisal. It takes care of all the loan activities of the bank from the application of loan to the   disbursement of loan and also follows up on customers for prompt repayment. This unit is also responsible for enlightenment of community members on bank services, collection of feedback information from community   members on bank services.   The unit also responsible for sourcing of new ideas in business transactions. The unit is headed by Mr. Sylvester Onu.
x.                  Finance/Account:  This unit is responsible for preparation of monthly, quarterly and annually accounting returns to Central Bank of Nigeria (CBN). This   unit prepares staff salary and participates in supervision of banking operations. The unit keeps general ledger, bank reconciliation account with other banks. It also see to the cash shipment and chaque lodgments to and from other banks.
Finally, the unit   is in charge of annual budget.  The unit is headed   by Mr. Gogonias Onwudiwe.
xi.              Cash unit:  The unit is in charge of paying and receiving money to/from customers. The unit also keeps records and up to date balancing of  cash in voult, in banks and  on  the system. This unit is headed by Elizabeth Roland.
xii.            Information Technology Unit:  The unit is responsible for   backing up of the systems. The unit sees to the functioning of all e-banking systems in the bank. Headed by Mr. Vincent Igwe.
xiii.         Customer Care Unit:  The unit is responsible for opening of accounts, attending to customers enquires, issuance of chaque booklets and withdrawal booklets to customers, statement of accounts, checking of account balances and account numbers. This unit is headed by Ogah–Aloh Onyekachi.
xiv.         Archive: This unit is responsible for issuance of stationeries and vouchers used in the bank. It supervises the posted vouchers and the computer print out. This unit keeps vouchers for   references. The unit is headed by Mr. Ogbonna Okoronkwo. 

Security Unit:  Responsible for opening  and closing  of bank  gate and doors  and also keeping day and night watch  on the premises


RELATED INFORMATION
·  STUDENTS INDUSTRIAL WORK EXPERIENCE SCHEME (SIWES)...
Share on Google Plus

Declaimer - MARTINS CHIMA

The publications and/or documents on this website are provided for general information purposes only. Your use of any of these sample documents is subjected to your own decision NB: Join our Social Media Network on Google Plus | Facebook | Twitter | Linkedin

READ RECENT UPDATES HERE