The University of Abuja Microfinance Bank has officially been granted an operational license by the Central Bank of Nigeria (CBN), enabling it to serve the financial needs of the university’s community. This new initiative is set to provide students, especially graduates, with easier access to funds for entrepreneurial ventures, addressing the common challenges of securing capital for business startups.
The bank plans to offer favorable loan terms aimed at supporting business-minded students. As part of the university’s emphasis on entrepreneurship, students enrolled in business-related courses are now required to create and register one or two companies before graduation, fostering self-reliance and innovation.
Professor Abdul-Rasheed Na’Allah, the Vice Chancellor of the University of Abuja, expressed his enthusiasm about the bank’s potential to catalyze business growth among students. He highlighted that the university is also focused on nurturing innovative ideas through the establishment of an innovation hub, designed to help students transform their creative concepts into viable business ventures.
The upcoming convocation ceremony will see the graduation of 7,896 students, including undergraduates, postgraduates, and those from various educational programs. In a related announcement, Professor Na’Allah shared his plans to step down as Vice Chancellor in July, reflecting on his successful leadership and the progress made during his tenure.
The university’s registrar, Mallam Yahaya Mohammed, lauded Professor Na’Allah for his transformative leadership, noting significant improvements across various aspects of the university’s operations under his guidance.
