Accion Microfinance Bank is projecting that its profit will grow more than twice it did in 2024 this year as the lender seeks to consolidate its technology upgrades and country-wide expansion to shore up earnings.
“Accion MFB recorded over N700 million in PBT by mid-2025, compared to N100 million for the entire 2024 fiscal year. The remarkable leap is powered by a renewed strategic focus on technology upgrades, nationwide branch expansion, and a hybrid banking approach that ensures financial inclusion across all demographics,” said Taiwo Joda, CEO of Accion Microfinance Bank, at the Annual General Meeting in Lagos.
“Clearly, I see us double our efforts and even go beyond what we did two times over in 2025 compared to 2024,” Joda said.
The outlook, he noted, follows a challenging but transformative 2024, during which the bank invested heavily in modernising its core banking infrastructure. While the upgrades initially slowed operations in the first half of that year, the long-term payoff began to materialise in 2025.
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“In 2024, we fell short of projections largely because we focused on upgrading our technology to world-class standards,” Joda said. “But immediately after, we gained speed and delivered modest yet impressive results.”
Reflecting the bank’s fundamentals, the board recommended a dividend of N30k per share for the financial year ending December 31, 2024, indicating an increase from the previously proposed N20k, which was unanimously approved at the AGM.
Christian Ruehmer, chairman of the board, stated that Accion MFB’s performance in 2024 marked a strong rebound from years of economic turbulence triggered by the COVID-19 pandemic, naira redesign, and inflationary pressures.
“We have demonstrated resilience and an unwavering commitment to our customers. The positive trajectory in 2024 is continuing into 2025. I am optimistic that we will exceed last year’s results,” Ruehmer said.
Ruehmer also pointed to macroeconomic stability, such as a relatively stable naira and slowing inflation as supportive of further growth in the microfinance sector.
Shareholders approved a N5 billion domestic commercial paper programme, providing the bank with flexible funding options to scale lending and operations. The bank also retained APMG Professional Services as its auditor and approved N86.4 million as total directors’ remuneration for 2025.
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As part of its 2025 strategy, Accion MFB also ramped up its physical footprint, particularly in Northern Nigeria, a region that remains underserved in financial services. The bank opened branches in Ilorin (Kwara State), a second location in both Abuja and Kano, and is on track to debut in Kaduna before year-end.
“Our expansion program is very deliberate. The North lags in financial inclusion, and we are positioning ourselves to support government efforts in driving access to financial services across underserved communities,” Joda added.
