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Kwara Poly establishes microfinance bank

Kwara Poly establishes microfinance bank

The rector, of Kwara State Polytechnic, Abdul Jimoh Mohammed, says arrangements have reached the final stage for the institution to open its own microfinance bank, with the hope to shore up its revenue base.

Mohammed said the management decides to establish the Kwarapoly Microfinance Bank in the realisation of its enormous responsibilities and developmental projects for execution.

“Necessary steps towards the take-off of the bank have been taken by opening an account with Keystone Bank, the parent bank for the microfinance bank, while the application for registration is in the final stage of approval at the Central Bank of Nigeria,” he explained.

Mohammed, who disclosed this while briefing journalists ahead of the 28th convocation ceremony of the polytechnic, held between Tuesday, 18 and Thursday, 20, October 2022, explained that the bank will be managed under strict supervision to ensure smooth running and progress.

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According to him, students tuition fees and other payments would be done in the bank, urging the staff of the institution to open account with the bank.

He further informed that the state polytechnic is moving its engineering and applied sciences complex, Institute of Technology (IOT), to the school’s permanent site in Araa, a suburb in Ilorin, the state capital. “We are moving the IOT to the main site this year as part of development program and ease of school administration,” he said.

The rector announced a high level partnership with reputable institutions to train students to be self reliance and job creators.

He added that the students of the polytechnic will be more entrepreneural after the school management pulled off the prestigious signing of MoUs with the Prototype, Engineering Development Institute, Ilesha, Federal Institute of Industrial Research, Oshodi, Lagos, and Mantrac CAT, an engineering concern in Ikeja.

Mohammed, however, informed that the polytechnic is graduating a total of 7,781 students with 62 having a distinction at the HND level, and 56 passed in same category at the OND level.