The KWASU Micro-Finance Bank was established by Kwara State University. It is an initiative of the university’s Centre for Entrepreneurship. KWASUMFB is designed to enable students access financial loans and also execute their business plan. Its objectives also include ensuring the proximity of banking facilities to the students and staff of KWASU, extending financial services to the host community and the banking sector as well as giving life to the dream of the university, which is to produce graduates that would be job creators; not job seekers.
The university is an entrepreneurship-oriented institution. KWASU micro finance bank will ease the actualization of student’s entrepreneurial skill. The enterprise would be providing students with sustainable financial structure with the main intention for the establishment.
KWASU MFB is an initiative of the Centre for Entrepreneurship to enable students to be accessible to financial loan and enable students executes their business plan.
Forms of Loan Available to Students and the Criteria for obtaining such
There are two types of loan accessible to the students which are the School Fees Loan and Students’ Enterprise Loan. Students who wish to obtain the school fees loan must be fully registered students of the institution, with good academic standard which would be attested to by the Registrar, Dean Students’ Affairs, Provost of the College to which the student belong and the Head of Department. The bank would do a background check to know the economic constraint of the students’ sponsors and guarantors, guarantors’ cash flow and how the concerned students intend to pay back.
Most importantly, for anybody to transact with KWASU MFB, such a person must be an account holder not less than seven months although this is negotiable. However, non-account holder can also request for loan facilities but existing customers are of advantage. This 2016/2017 session, some six students have obtained school fees loan and five have fully paid back. The payment pattern is structured according to the cash-in-flow of the guarantor. The second is the student enterprise loan for students with business idea while the enterprise would look into feasibilities of the business before granting the loan.
Patronage by students and staff at the beginning was poor but gradually attracting them as a result of the introduction of some products such as point of sales withdrawal.
Are other people entitled to the banking facilities apart from students and staff of the Institution?
Yes, KWASU MFB is also a bank for community development. The banking facilities are extended to the host community and its environs.
Are there any job opportunities for student?
Yes, 5% of the staff are supposed to be students of KWASU. The Vice Chancellor is passionate about the employment of students and it is being handled by the Students’ Industrial Work Experience (SIWES) of the institution.
What are the products available?
We operate various types of account ranging from savings account, to current account, target savings account, fixed deposit account, assets account, esusu account, esusu loan as well as assets loan.
We also run salary account, personal account (savings and currents), Company/enterprise account, Target savings account, Debit card issuance, Mobile banking services, Branchless banking, Bulk payment remittances, Bills collection, Fund transfers, Online payment (school fees), Salary payment administration, Contract financing, Salary advances, Asset finance facilities, Non-interest banking, among others.