ABEOKUTA– Oba Kolawole Sowemimo, the traditional ruler of Owode-Egba in Obafemi Owode Local Government area of Ogun State has rue the lack of financial institutions in his domain.
He therefore appeal to the Central Bank Of Nigeria (CBN) to facilitate the operation of commercial banks in the community
Sowemimo made the appeal while speaking with newsmen in his palace, saying that, the community has all it takes to have commercial banks.
He lamented that his subjects and other residents of the community have been subjected to the high interest rates from the operators of the Point of Sale (POS) in an alleged connivance with the only micro finance bank operating in the community.
The monarch declared that from findings, majority of the Point of Sales (POS) points in the community are owned by the officials of the microfinance bank, who prefers to give out money to the operators at the expense of other residents
Sowemimo argued that, the Point of Sales(POS) operators take advantage of the non availability of commercial banks in the community, and charged high rate of commission whenever, such customers approached them to withdraw money
“I can tell you that, the only micro finance bank in the community prefers to transact business with POS operators, gives out bulk cash to them to engage in their money transaction businesses, development which made it impossible for other customers to get money from the Automated Machine’, he explained
“The micro finance bank liase with POS operators to get money out, and made it difficult for people to withdraw, when there is no more money in the ATM, and this forced them to approach the POS operators who charge them at will”, he noted
The first class traditional ruler said at that level, customers are forced to approach the Point of Sale (POS) operators, adding that, the inconveniences on the part of the innocent citizens was becoming unbearable, hence the need to have adequate commercial banks in the community before the situation gets out of hands
“I am appealing to Central Bank of Nigeria to consider facilitating commercial banks in our community. We have all it takes to have commercial banks, be it population, landmass, we are even ready to provide free land. We have presence of Police, DSS and other security agencies”, he added
He argued that, if Redeem Christian Church of God (RCCG) located in the same local government area, and has no one quarter size of Owode Egba, could be having up to eight commercial banks within its premises, there is no justification denying his community the same opportunity
“I once wrote Baba Adeboye of Redeemed Church to help us, but surprisingly his response was that we should wait for our doing, an indication that he is not ready to assist. If Redeemed church could have about eight commercial banks in its premises, what is wrong for the entire Owode-Egba, located in one of the largest local government in Nigeria, could not have commercial banks situated there”, he queried
The royal father pointed that, Owode Egba community has over 30 neighbouring communities under its jurisdiction, and should be beneficiary of commercial banks situated there, stressing that where Point of Sale (POS) operators takes over money transaction business is uncalled for.
