Kwara State government has engaged the services of some Micro Finance Banks in the state to manage and disburse N250 million.

The fund is meant for the small scale enterprises and payment of the Kwara state Bridge Empowerment Schemes (KWABES).

The Managing Director of First Heritage Microfinance Bank Ltd, Deacon Enoch Ajibola disclosed this in Ilorin.

Ajibola spoke this in Oro-Ago, Ifelodun local government area of the state at the mini re-launch and annual general meeting (AGM) of the bank.

He urged state government to deploy more funds for medium and small-scale enterprises (MSMEs), women and youth empowerment through microfinance banks.

He appealed to the bank's investors to increase their stakes in the bank.

He added that "being a state microfinance bank is a step to becoming national MFFB, a dream we hope to achieve within the next five years. We are therefore requesting that you keep on increasing your stake in the bank.

"We also commend the regulatory authorities and industry associations and others for their roles in stabilizing the business environment most especially Central Bank of Nigeria (CBN) Ilorin branch for continuous recognition of our products and services."

In his remark, the Chairman of the bank, Stephen Babatunde said the bank was the first to be upgraded to a state MFB, adding that "it marks the transformation from a debt-ridden unit community bank to a profitable state microfinance bank.

He said: "After an unexpected delay, our application for upgrade to state MFB has been approved by the CBN making us the first MFB to be approved in the state; with the approval, we can now confidently roll out branch expansion plan to exploit opportunities in other local government areas in the state."

Also commenting, the Oloro of Oro-Ago, Oba Johnson O.F Dada used the medium to "appeal to well-meaning people as well as corporate bodies to come and invest in agriculture and agro-allied industries in Oro-Ago and our other communities.