![\"Daily](\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/dailytrust180.jpg\" "\\"Visit")
<\/a><\/p>\nNasir Imam<\/p>\n
30 December 2011<\/p>\n
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The Abuja Market Management Limited (AMML) has secured approval from the Central Bank of Nigeria (CBN) to operate a micro-finance bank, its Managing Director, Abubakar Farouk has said.<\/p>\n
Abubakar said that the company had made application for a micro finance bank to enable them maximize the economic opportunities of its traders who do business within their markets.<\/p>\n
He said this during an interactive session with reporters in Abuja, where he emphasized that the market will continue to fight the menace of illegal shop structures in the market.<\/p>\n
According to him, the AMML has eight markets in the Federal Capital City under her managerial mandate amongst which are the Garki Modern Market, Wuse market and Nyanya informal markets.<\/p>\n
The approval which has been given in principle by the CBN, would empower the AMML to run its micro finance bank from within the Garki market which, he said, would reduce the risk of moving cash over long distance by the traders to their respective banks.<\/p>\n
He also said that with the pooled resources that would be made available to the bank, they would provide loans to traders who do business in any of the markets managed by the AMML.<\/p>\n
He said that the market has increased its scope of operation through its partnership with the Nasarawa state government with whom it planned to manage the 54 hectare Karu market and the Lafiya market.<\/p>\n
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