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August 11, 2012


Gofamint: Chronicles Micro Finance Bank Receive Approval

by Admin

It is indeed good news to report that the Gospel Faith Mission International (Gofamint), has been given the approval to own a micro finance bank by the Central Bank of Nigeria. In this interview, the Manager, Pastor S.O Adebayo, said that Gofamint members will be the benefactors of the financial institution. Adebayo, therefore revealed that the Church members are needed to be the stakeholders.   it will be a story of achievements and profit in Jesus Name!

HBN: Talk about your self
I’m Pastor S.O. Adebayo, on behalf of GFM Micro finance bank that we now have the name as CHRONICLES MICROFINANCE BANK.

HBN : In the Beginning ?
It all started in the year 2004, when the general overseer of this mission brought up the idea that the mission is supposed to have a microfinance bank, and as at then the minimum capital required was #5 million naira. So the general overseer set up a committee of five members made up of:

* DR. J.J. UDOFA     as the chairman
* BARR. TERRY OKOH as the secretary
* PAST. SOJI OLAOYE –   member


We were having our meetings at Matori, Lagos as at that time we had two challenges: The first is the finances; the mission has no reserve of 5 million naira or any amount lower than that. The second challenge is that, there was no accommodation, Matori can‘t be used likewise Kekere owo. So, the committee came up with the idea that they should use camp, but they thought it will be too insecure. These two challenges made the idea of microfinance bank died down. Until 2010 when the HAYGAN Savings and Loans limited, came to them to canvas for their account, so they found out that this HAYGA belong to the RCCG. They came only to make GOFAMINT micro finance bank part of their subscribers. The general overseer called on their attention, and so they objected the idea of banking or making partnership with RCCG microfinance bank. With this challenge, they came to the realization that there is a great need of a micro finance bank in GOFAMINT. So, the G.O. started the invention, but the greatest and paramount lack was the banking house. “All things work together for good” …, so an idea also came that we can use the one of the GOFAMINT guest room at Least for a start. Letter was written to the Central Bank of Nigeria (CBN) and also Corporate Affair Commission (CAC). On the 19th of July, the CBN gave the approval.

HBN: The name Chronicles Micro Finance Bank
The name Chronicle came from the general overseer himself, which was picked from the book of 2nd chronicles, all summarized with the word; the lord will supply all our needs according to his riches in glory. The micro finance bank is not restricting anyone who wants to patronize or subscribe or be in partnership with the bank. GOFAMINT members have a lot to benefit from the bank, because they don’t have to undergo the same stress they will pass through with other banks. The requirement for opening an account with them is not an unbearable one. Thank you and God bless you all.


1 Comment Post a comment
  1. Ogedengbe samuel
    Feb 8 2013

    For the better performance and enlargement of the bank. The bank should extend to each region and district for more member to benefit and outsider


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