Microfinance bank ltd

microfinance bank ltd

– GS Microfinance Bank

15.12.2008

Dear Pavel Levushkan,

Thank you for your email and enquiries about gs microfinance bank Limited.

As requested by you, I am providing you information on the bank, its work and the role of Pastor Sunday Adelaja in the bank activity.

GS Microfinance Bank Limited was promoted by two professionals in the persons of Gabriel Owope and Segun Adaju, who have been successful in

1. Damian Dan Dodo, SAN - Chairman

2. Segun Adaju - Managing Director/CEO

3. Gabriel A. Owope - Director

After incorporation of the bank, the promoters of the company resolved to invite Pastor Sunday Adelaja to come on Board as a Director in the bank.

This is based on the fact that Pastor Sunday Adelaja has been a role model and mentor to the promoters and given his wide international contact and passion to also help eradicate poverty. Our expectation is that Pastor Sunday will bring his goodwill, wealth of experience and contact internationally to bear on the network of the bank through such organizations as United Nations, World Bank, Bill and Melinda Gates Foundation, Grameen Bank and Professor Muhammad Yunus. The Board of Directors of the bank thereby passed a resolution during its board meeting of September 20, 2008 to appoint Pastor Sunday Adelaja as a Director of the bank, subject to the notification and approval of Central Bank of Nigeria .

Also, the promoters of the bank have invited other well placed Nigerians to invest in the bank and currently, the bank has about 20 other investors including groups and cooperative societies such as National Automobile Technician Association, Scrap Dealers Association of Nigeria, Lagos State Association of

Barbers, Cosmetologists and Hairdressers Association, Video Rentals Operators of Nigeria etc.

Micro credit is giving small loans as low as $US40 dollars in Nigeria to poor traders with the purpose of empowering them and taking them out of poverty. It originated from the activity of Prof Muhammad Yunus in Bangladesh who gave a loan of $US27 to 42 women to take them out of poverty and subsequently set up Grameen Bank. The policy was launched in Nigeria in December 2005 by the government and aimed at reducing poverty in Nigeria .

Over 75% of Nigerians are poor and live below $US2 per day.

Pastor Sunday was invited to join the bank as a Director so as to benefit from his international contact, goodwill and reputation. As the Managing Director/CEO, Pastor Sunday Adelaja is my role model and I recommended him to the Board of Directors for appointment at our last Board meeting and it was approved by the bank. I was also convinced that Pastor Sunday Adelaja caries the passion to see to eradication of poverty having read his book titled "Declaring War on Poverty". Please note that there are no Ukrainian investors in gs microfinance bank Ltd and they did not have any part in the program as the bank is 100% owned by Nigerians.

Also, some other churches in Nigeria have set up microfinance banks to help members get out of poverty and gs microfinance bank Ltd is partnering with an organisation called Dream Team Project to help administer micro credit in some Nigerian churches.

I will refer you to our website www.gsmicrofinancebank.com for more information on the bank. Please feel free to contact me for further

information that you may require on this matter.

Source: www.kingdominformer.com

Category: Payday loans

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