Accion MFB loans disbursement rises 33% to N13.7bn in 2yrs

Accion Microfinance Bank Limited, one of the most visible micro finance banks in Nigeria, has increased its loans disbursement by 33.3 percent to N13.7 billion in 2015, up from N10.3 billion in 2014, bringing its total loans disbursed, from inception, to N46.56 billion as at the end of December 2015.

The bank’s total loans portfolio grew by 28.1 percent from N4.2 billion in December 2014 to N5.4 billion in the preceding year. The shareholders funds grew to N3 billion in 2015 from N2.6 billion in 2014, representing a growth of 16.9 percent.

Accounts Base of the bank increased by 47.8 percent from 150,321 in 2014 to 222,158 accounts in December 2015. The bank’s active borrowers grew by 27.9 percent to 43,788 in December 2015 from 34,245 in 2014.

However, the bank made a profit after tax of N545.9 million at the end of 2015, representing a drop of 12.3 percent compared to N622.6 million in 2014. Profit before tax also declined to N838.4 million in 2015 fromN911.2 million in 2014.

Speaking at their annual general meeting in Lagos, Patrick Akinwuntan, chairman of the board, said 2016 was a significant year for the bank as it continues with its strategic plan to expand geographically in Nigeria with a variety of retail channels whilst improving on its operational efficiency through technology driven operations and self-service resulting in more convenience, easy access for clients and smaller space requirements for lower costs.

According to him, innovation and the use of technology which has helped the bank to operate at more efficient levels will be leveraged on in 2016 to enable it continue to serve its customers more efficiently. The first set of the bank’s ATMs, he noted, were commissioned in 2015 and the bank envisions that, by the end of 2016, it would have over 50 ATM machines functioning in every state it is present.

“To further enhance operational efficiency, save time and cost and guarantee easy access to our customer, we intend to commence with our digital field application project in 2016 which should improve our loan process and operational efficiency, amongst other benefits”, Akinwuntan said.

Bunmi Lawson, the bank’s managing director/CEO, added that the bank’s effort in inculcating savings culture in its customers have started yielding results with the 38 percent growth from 86,665 in 2014 to 120,000 clients..

She said that, during the year under review, the bank successfully launched various new products and embarked on several projects to deepen financial inclusion and improve on efficiency, so as to serve its customers better.