The Nigerian community in the U.S. has embarked on the registration of members for its proposed Nigerian Federal Credit United Union in that country.
A credit union is a financial cooperative owned, controlled and operated by its members on the principle of people helping people and provides its members with an array of financial services including loans at competitive interest rates.
Inaugurating the exercise at the Nigerian House in New York, the Consul General, Mr Benayaogha Okonye, said a credit union for the Nigerian community was long overdue.
Okonye wondered why Nigerians resident in the U.S. had no such important financial organisation in spite of their numerical strength.
He allayed the fears of Nigerians about the fidelity of the idea and the tedious process of securing the licence, saying there was no cause for alarm.
“Nobody should be afraid of this project. It is something we have looked at. I have asked all the questions that need to be asked.
“We should know that the purpose is to empower and develop ourselves. Nobody within this system can be defrauded,” Okoye said.
Nigeria News Agency reports that U.S. regulations require a minimum of 3,000 members, among other conditions, for the licensing of federal credit unions.
NAN further reports that the initiative also received the endorsement of the Permanent Mission of Nigeria to the United Nations and the Nigerians in Diaspora Organisation Americas (NIDOA).
Mrs Catherine Udida, the Minister Plenipotentiary, Second Committee of the mission, lauded the initiative would help boost the profile of the Nigerian community.
She said the move was timely coming at a time the Federal Government was taking steps to harness the enormous financial resources of the Diaspora community for national economic development.
Udida, who represented the Permanent Representative of Nigeria to the UN, however, urged members of the steering committee to be above board.
“There must be transparency; you have to make sure you win the trust of Nigerians because this is a noble idea,’’ she said.
NIDOA’s representative, Mr Isaac Inyang, expressed the “full support of the organisation” for the proposed credit union.
Inyang, who is the Vice President of NIDOA, cautioned intending members against providing false information in the registration form.
“Authorities are closely monitoring the process; if you give even one piece of false information it will kill this dream,” he said.
Earlier, Chairman of the Steering Committee, Mr Bello Kazeem, said that the cooperative would operate as a community bank that would provide a wide range of banking and financial services to members.
Kazeem outlined the services to include money deposits; provision of personal, mortgage and car loans at competitive rates; debit and credit card services, remittances, overdraft protection, among others.
“The credit union would provide Nigerians, young and old, men and women, businesses and organisations to have a community-based bank that will tend to our needs.
“Unlike the regular banks, this financial institution would be owned by all members – you and I – and not single individuals.’’
He said the cooperative would eliminate the pains many Nigerians in the U.S. were experiencing in the process of just opening a bank account or accessing credit.
- Okuomose, Otuadinma win at Best of the Best Taekwondo Championship
- Arsenal’s Tierney to undergo shoulder surgery, out for 3 months
- Club World Cup: Monterrey to face Liverpool after beating Al Sadd
- Runsewe commends NCAA over initial suspension of Turkish Airline
- FRSC Edo Sector gets new Commander
- Group tasks leaders, Nigerians on time consciousness
- Cries about negative impact of border closure sponsored-Sen. Adamu
- Bankers committee earmarks N20bn to maintain national theatre
- Institute calls on govts. to allow INEC conduct local govt. elections
- Kwara Deputy Gov urges OGS old students to give back to Alma Mater
- Presidential aide criticises work done on Calabar-Itu highway by contractor
- Armed Forces College graduates 176 junior officers
- Osinbajo tasks clergy on writing to provide guidance, direction
- Why CBN must transfer Anchor Borrowers Programme to Agric Ministry – Sen. Adamu
- La Liga: Leaders FC Barcelona stumble to draw at Real Sociedad
- Sun Publishing Limited wants Justice Minister’s intervention as EFCC threatens to seal headquarters
- APC remains strong, intact in Zamfara — Yari
- Bournemouth stun Chelsea 1-0 away to end losing streak
- Group advocates women empowerment to check gender-based violence
- Lawmaker condoles with Mimiko, says mother death, great loss to Ondo
- 2 NGOs collaborate to clean up Lagos for healthy environment
- Buhari tasks universities on IGR for sustainable education
- Arts, cultural exchange strengthen relationships between countries – Emirati Artist
- Ismael, Akuso win maiden Ikogosi-Ekiti 10-km race
- CITN confers fellowship on 329, calls for professionalism
- NANS commends Gov. Oyetola for tackling youth unemployment in Osun
- Gov. AbdulRazaq reiterates commitment to Kwara’s socio-economic growth
- Bayern Munich batter Werder Bremen as Borussia Dortmund dominate Mainz
- Akeredolu condoles with Mimiko over mother’s death
- Ogun lawmaker donates equipment to health facilities in constituency
- Inclusive education: Stakeholders urge training of more special teachers
- Ethiopian Airlines to launch 3 weekly flights to Houston Monday
- Shareholders seek more mergers, acquisitions in cement industry
- Golf: U.S. fight back to leave Presidents Cup in the balance
- Salah scores twice as Liverpool sink struggling Watford
- Yuletide: Enugu FRSC seeks collaboration with state traffic agency
- Eko Disco records highest remittance efficiency in Q2, says NERC
- Doctors map out measures to forestall litigations over management of patients’ ailments
- Osinbajo in Ikenne, celebrates Otunba Adesina at 80
- Group wants Nigerians to imbibe waste management culture, recycling
- FG pledges to enhance operations of River Basin Development Authorities in 2020
- Soldiers clean up Ojuelegba axis of Lagos to enhance civilian/military relations
- Enugu hospital turns to pilgrimage ground as residents catch glimpse of quadruplets
- Poor Salary: Kaduna joint tertiary institution unions shelve planned strike
- NIMASA chief urges regular exercise to stay healthy, enhance productivity
- Expert urges Nigerians to imbibe savings culture
- Navy employs weight control mechanism to promote fitness
- Exhibit more political will in tackling nation’s security challenges, Cleric advises FG
- Gospel singer charges youths to start small, be humble
- Yuletide: Curfew, ban of fireworks still effective in Borno -Police