Northwest University Kano Secures Central Bank Approval for Non-Interest Microfinance Bank

Jan 14, 2025 - 19:55
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Northwest University Kano Secures Central Bank Approval for Non-Interest Microfinance Bank

Northwest University Kano Secures Central Bank Approval for Non-Interest Microfinance Bank  

In a significant stride towards institutional development, Northwest University Kano (formerly Yusuf Maitama Sule University Kano) has received an Approval-in-Principle (AIP) from the Central Bank of Nigeria (CBN) for the establishment of a Non-Interest Microfinance Bank. The communication, dated 3rd January 2025, was addressed to the Vice Chancellor, Professor Mukhtar Atiku Kurawa, marking a notable achievement in the university’s efforts to enhance financial accessibility and support for its community.  

The AIP is a preliminary approval that, upon fulfillment of certain conditions, may lead to the issuance of a final license, allowing the bank to commence operations. This initiative aligns with Professor Kurawa’s developmental mandate for the university, aiming to encourage financial inclusion while adhering to ethical, non-interest banking principles.  

The ownership structure of the proposed Non-Interest Microfinance Bank reflects a collaborative effort involving key stakeholders within the university community. The shares are to be distributed among the following entities: Northwest University Kano, Academic Staff Union of Universities (ASUU), Senior Staff Association of Nigerian Universities (SSANU), National Association of Academic Technologists (NAAT), Non-Academic Staff Union of Educational and Associated Institutions (NASU), and the University Staff Multipurpose Cooperative Society. 

This diverse shareholding structure shows a unified commitment to the bank's success and the promotion of financial services tailored to the needs of the university's staff and students.  

Professor Mukhtar Atiku Kurawa will serves as the Chairman of the Advisory Committee of Experts (ACE), which will oversees the bank's strategic direction and ensures compliance with non-interest financial principles. The committee includes distinguished members drawn from within and outside the university, reflecting a blend of academic and industry expertise.  

The establishment of the Non-Interest Microfinance Bank is a proof of Professor Kurawa’s visionary leadership and commitment to institutional growth. Under his tenure, the university continues to achieve milestones that enhance its reputation as a hub for academic and socio-economic development.  

While the bank awaits the final licensing stage, this development promises to provide the university community with innovative, Sharia-compliant financial solutions. It also positions the institution as a pioneer in integrating ethical banking practices within the academic sector. This achievement reaffirms Northwest University Kano's dedication to encouraging an environment conducive to growth, collaboration, and community-oriented initiatives.

Abubakar Ibrahim

Head, Public Relations Unit.

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DR. RABIU RABIU I'm DR. RABIU RABIU, a dedicated and passionate healthcare professional with a strong background in community health. As a licensed practitioner and registered with the Community Health Practitioners Board of Nigeria, my mission is to promote wellness and provide quality care to individuals and communities.