To enhance financial inclusion: Premium Finance PLC launches Islamic Microfinance Unit.

The unit, which adds to other acclaimed services which Premium Finance PLC had, officials said, comes to bridge the financial gap between Christians and Muslims in communities.

The event took place in the presence of the President of the Board of Directors, BOD, of Premium Finance PLC, Ndikum Kenneth; the Coordinator of Premium Finance, Asongwe Gervaise; the Imam of the Bamenda Central Mosque, Tuku Mohammed, Sarkis and the Muslim community.

According to authorities of Premium Finance PLC, the new unit has come to serve Muslims who have been left out of banking and financial services for long when it comes to financial inclusion. 

The unit, it was said, will enable Muslims open accounts, save money, do transfers, pay their bills and earn interest among others.

Offering conventional & Islamic banking services

The BOD President, Ndikum Kenneth, declared at the event that from creation, Premium Finance PLC, had as goal to serve the Muslim community. 

Despite the focus on Muslim, Ndikum said the unit will also serve Christians and other members of the society. 

He added that Premium Finance PLC is now fully offering both conventional and Islamic banking services.

"We are doing conventional banking and Islamic banking. We have two separate softwares that are available for transactions,” Ndikum said, adding that: “Formally, we were doing our normal conventional banking with Christians. Now, we have acquired another software for Muslims. So, there are two different systems in one and there will be no mix-up".

Cross section of Muslim authorities at event 

Setting new standards to enhance financial inclusion

The Coordinator of Premium Finance PLC, Asongwe Gervaise, for his part, said the goal of her organisation is to set new standards and achieve financial inclusion.

He assured the Muslim community that Premium Finance PLC will work with them according to the principle of social justice. 

Asongwe stated that the microfinance institution shall not fund sinful operations like gambling, prostitution and others in respect of the Holy Quran and the Bible.

Premium Finance PLC thinking big for the future

The Coordinator also disclosed that the institution is also thinking big and working hard to upgrade into a full-fledged bank. 

Work, he also said, has advanced at the level of the Ministry of Finance, to get authorisation to start paying salaries.

Land, Asongwe also said, has been acquired at Old Town-Bamenda, which is the heart of the Muslim community to build the head office of Premium Finance PLC.

"That's our ambition with our shareholders to attain the objective of moving Premium Finance to a bank. Concerning licencing, our files are ready. We are following up with the Ministry of Finance...," Asongwe disclosed. 

President of Premium Finance PLC Board of Directors, Ndikum Kenneth, situating new moves

Authorities hail Premium Finance PLC, promise support 

Authorities who lived the unveiling of the unit hailed the management of Premium Finance PLC for its continuous strides. 

According to the Imam of the Bamenda Central Mosque, Tuku Mohammed, who doubles as the Committee Head, Muslims trust the financial institution and are determined to see it succeed.

For his part, Sarki Hamza, leader of the Muslim community in Old Town Bamenda, said the presence of great authorities like the Imam was a show of trust. Sarki Hamza urged his Muslim peers to own the institution and make it theirs.

He challenged his colleagues in Bambui and Santa, who were present at the ceremony, to carry the good news of Premium Finance PLC to their various communities.