As part its growth plans, Accion Microfinance Bank limited, Lagos, plans to expand across Nigeria providing sustainable financial services to people at the bottom of the pyramid.
This looks achievable as the bank recently received N50million from the Central Bank of Nigeria microfinance intervention – the Micro, Small and Medium Enterprises Development Fund (MSMEDF).
The MSMED Fund forms part of the CBN framework for developmental functions which aims to promote financial inclusion in Nigeria through the provision of funding to micro-entrepreneurs.
Accion Microfinance Bank indicated that the MSMED Fund awarded the bank by CBN will be used to fund micro-entrepreneurs in the education sector. According to the bank, education aligns closely with its strategy for creating brighter futures for its customers by giving them the opportunity to improve their socio-economic well-being through good education for children which consequently leads to sustaining the wealth created by their parents.
This, the bank believes, promotes growth and development. Education is a viable factor towards achieving financial inclusion as well as the millennium development goals. Education is also the corporate social responsibility focus of Accion Microfinance Bank.
Commenting on the Fund, Bunmi Lawson, MD/CEO Accion Microfinance Bank, said, “The MSMED Fund is a welcome development from the CBN. At Accion, we believe education opens the doors to greater opportunities. We are committed to giving a brighter future to our customers and the Fund will enable us achieve this.”
With over 35,000 loan customers, Accion Microfinance Bank has disbursed N7.4bn worth of loans to customers since January 2014 with N960m being disbursed in September 2014 alone. The MSMED Fund will enable Accion Microfinance Bank continue to disburse loans to customers who desire to alleviate their economic well-being as the bank works towards realising financial inclusion in Nigeria.
The MSMED Fund is channelled through microfinance banks for purposeful lending to customers, thus ensuring sustainability and accountability.
Consequently, Accion Microfinance Bank recently won the 2014 Enhancing Financial Innovation and Access (EFInA) Award for the financial service provider that has deepened financial inclusion in Nigeria in the microfinance category. The announcement was made at the EFInA Financial Inclusion Conference which took place in Lagos yesterday.
The EFInA Award, which was keenly competed for by several banks and financial institutions, is given to an organisation that has enhanced access to financial services for Nigerians, especially the low income population, and acts as a leader in promoting financial inclusion in Nigeria.
Assessment was made in six areas including Customer Impact, Reach to Un-served and Underserved Segments, Scale, Financial Inclusion Strategy, Learning and Consumer Protection.
Speaking on the award, Bunmi Lawson MD/CEO Accion Microfinance Bank, said, “We are pleased to win the EFInA Award and will continue to deliver excellence in the microfinance sector as we expand across Nigeria providing sustainable financial services to people at the bottom of pyramid.”
Modupe Ladipo, the executive director/CEO, EFInA, commended Accion Microfinance Bank on their achievement stating that the award came as a result of the bank’s relevant and useful impact to customers as well as its reach to the unserved and underserved populace which is the driver of the nation’s financial inclusion strategy.
HOPE MOSES-ASHIKE
