By Auwalu Musa Yola.
Tucked away in the heart of Kano State, Nigeria, lies the ancient city of Madobi, a thriving community with a rich history and culture. Despite its significance, Madobi Local Government area remains an anomaly in the modern financial landscape ,it is one of the few cities in Kano State without a single commercial bank.
This glaring absence of banking services has far-reaching implications for the residents of Madobi, affecting every aspect of their lives, from commerce and trade to education and healthcare.
The lack of access to formal banking services has led to a reliance on informal financial systems, such as thrift collectors and money lenders, who often charge exorbitant interest rates.
Other challenges facing by the Community includes , Limited Access to Credits Without commercial banks, residents of Madobi struggle to access credit facilities, making it difficult for them to start or expand businesses, or even meet basic financial needs.Cash-Based Economy, The absence of banking services forces the community to rely heavily on cash transactions, making them vulnerable to theft, robbery, and other financial crimes.
Inefficient Payment Systems. The lack of electronic payment systems hinders the smooth operation of businesses, leading to delays and inefficiencies in transactions.
Limited Financial Inclusion.The unbanked status of Madobi excludes its residents from participating in the formal financial system, denying them access to essential financial services and opportunities.
The absence of commercial banks in Madobi Local Government area is a pressing issue that requires immediate attention. To address this challenge, I urge
Financial Institutions, Commercial banks, Like ,UBA, First Bank, Fidelity Bank, Jaiz Bank, G.T Bank and other financial institutions to consider establishing branches in Madobi, providing much-needed financial services to the community.
Government Agencies, Relevant government agencies to support initiatives that promote financial inclusion and provide resources to facilitate the establishment of banking services in Madobi.
I also urge Community Leaders, as well as the Local Government Council Chairman to provide the unused Madobi Micro Finance Bank to one of these commercial banks mentioned above.
By providing this Micro Finance Bank to one of the commercial Bank , I belief this can bridge the financial gap in Madobi and unlock the community’s full potential.
Signed
Information Officer
Madobi Local Government
Auwalu Musa Yola
23/12/2024.
