The journey to attract a Bank to the ancient City of Otu started in January 2020 by the flagship business Association of the Town, Otu Business Group, a body championing the drive for actualization of the desire on behalf of the Community in their strong believe that the Town has great potentials that should meet the criteria requisite for location of at least, a Branch of a reputable Banking Institution that will be viable and vibrant.
In an attempt to fulfill this laudable objective, the Group engaged the services of a consultant – Resort Consult Limited, a CBN/NDIC/CIBN Certified Microfinance Training Service provider as well as BOI-appointed Business Development Service provider with robust experience in Banking Industry to serve as Financial Adviser for actualization of the project.
Resort Consult swung into action and approached several Financial Institutions, among which are; Advans La Fayette MFB, Grooming, FCMB, Ecobank, Jaiz, Ecobank, Parralex and SEAP Microfinance Bank. An effort which finally resulted into movement of SEAP to Otu.
As at today, opening a Branch is neither in the budget of most Banks nor does it constitute a priority for any Bank at a time when all businesses are concentrating on survival strategies.
Inspite of the above scenario, which is obviously further complicated by the pandemic menace of 2020, Otu Business Community is yearning for presence of a Bank in the Community, (seeking opportunity in challenge,) because the opinion Leaders believe that it is desirable.
Otu Business Group is not oblivious of the challenges of this difficult time, but has resolved to persevere until accomplishment of the dream of the business Leaders of Otu.
We knew from the onset that the process will be tedious but with God all things are possible.
Options were weighed and a Branch of a Microfinance Bank was still the most feasible, keeping in view a Commercial Bank in the nearest future.
If we are unable to attract a Commercial Bank for now, the Community should take full advantage of SEAP MFB.
SEAP MICROFINANCE BANK IS THEREFORE TAKING OFF TODAY IN THE TOWN’S OLD LIBRARY BUILDING IN THE CENTRAL BUSINESS DISTRICT OF THE TOWN.
BASED ON STANDARD BANK PREMISES ASSESSMENT CRITERIA, THE LIBRARY BUILDING WAS PREFERRED.
A reserved Residential area with a Block of Two (2) Flats is equally available for residential purpose, which has been considered satisfactory by SEAP.
To ensure smooth take-off and interface with the incoming Bank, our own Pastor Maranroola Matthew Olawuwo, maranromat@g.mail.com (08055264578 and 08123406058), a seasoned Banker and an indigine of Otu was appointed Coordinator, Implementation and Commencement Committee and ably assisted by Alhaji Wasiu Olaribigbe, Mr. Philip Ojedokun, Alhaji Yekeen Salam and Mr. Atilade Kehinde with the following Terms of Reference:
a. To Ensure deployment of Technology in order to compete favourably with any Commercial Bank.
b. In conjunction with SEAP, sensitize/mobilize Customers to open Accounts.
c.To Ensure people have assess to banking products and services, including Deposit mobilization, Business Finance and Advisory to grow their business and the economy of the Community.
d. To work with the incoming Bank to carry out required modification on the Building to suit the Bank’s need with great savings of cost and time. The Community is willing to provide necessary support.
e. Pilot Testing/Client Education.
f. Supervise installation of ATM Machines.
g. Full commencement.
In line with their Social Responsibility mantra, two (2) Solar powered Boreholes have been sunk in Otu i.e The proposed Bank premises and the other in Iwoye axis. Efforts are in top gear, hopefully before long, a third one in Ibise Quaters will be installed.
In conclusion, this far, divine grace has brought us!
We remain focused and hopeful for more success.
J.B Kehinde.
Chairman.
Otu, 24th November, 2023.