The Nigerian community in United States has floated the idea of establishing a community credit union and bank, aimed at serving the interest of the community.
Named “Nigerian Federal Credit Union”, the community bank is designed to be community owned.
When fully operational, the credit union would be a fully fledged financial, banking and investment institution that will serve all Nigerian resident in the United States, including members of the diplomatic corps.
The institution is expected to provide full banking services including loans, mortgages, credit cards, checking and savings accounts, and more.
Former governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu Sanusi inaugurated the sterling committee in Washington, D.C., recently.
Committee chairman Dr. Kazeem Bello said the goal is to help the Nigerian community, one of the largest group of immigrants in United States, realize its full potential.
“What we are attempting to do is to create a platform for all Nigerians, young and old, men and women, businesses and every Nigerian resident and non-resident in the U.S. to have an opportunity to have a community-based bank that will be tended to our needs,” he said.
“We’ve been in a society where opportunities abound all over the place but you only accrue those opportunities when you are a direct member of that community.
“Sometimes, a lot of us (Nigerians) have gone through the pains and hassles of being able to just open a bank account. So, the project that we are unveiling today is called Federal Credit Union, and by the grace of God, it has been tagged as a proposed Nigerian Federal Credit Union.
“This is a banking and financial institution that we are putting together to be fully chartered and the members are you and I who are Nigerians.
“Nobody is owning this bank; the bank is membership-owned.
‘We’ve been in a society where opportunities abound all over the place but you only accrue those opportunities when you are a direct member of that community.’
“Nigerians own this bank. We call on all Nigerians across the four corners of the United States territory to join in this efforts to bring this bank to fruition,” Mr. Bello added.
Committee member Felix Obi said economic growth is hard to achieve if a community does not have access to capital at a competitive rate.
“As you know by law, anybody can go to any bank and open an account or apply for credit yet statistics tell us that minority communities, especially immigrants, are disproportionately pushed into bad financing – high-interest rate financing.
“This would explain why when the federal housing crisis happened, more minorities have their property foreclosed than non-minorities.
“These numbers can be even more challenging when it comes to immigrant populations,” Obi added.
Bayo Idowu, the minister, Economic, Trade and Investment at the Nigerian Embassy in Washington D.C., added that the creation of the credit union will help boost the identity of the Nigerian community in the U.S.
“It is important to the Nigerian community in the U.S. for identity, for economic empowerment and for investment in the Nigerian economy because we would have established a direct link with banks at home through this credit union,” he said.