Customers of Accion Microfinance Bank will no doubt enjoy cost effective, convenient and efficient way of accessing financial services as the bank innovates ways to serve them better.
In line with the bank’s goal to leverage technology to improve the wealth of its customers, major focus for 2014 is to increase the usage and uptake for the ATM cards by providing customers with instant ATM cards.
The bank, which provides safe and secure loans and other financial services to micro-entrepreneurs and low-income earners who desire to expand their businesses, has successfully offered its customers easy access to various products and services which include savings, loans, micro insurance and e-commerce.
With a total share capital of N2.022 billion as of December 2013, Accion Microfinance Bank has a robust financial base to service its ever increasing customers, having disbursed over N26.15 billion in loans to over 130,000 customer accounts since inception.
Speaking on the annual general meeting, Patrick Akinwuntan, chairman of the board of directors, said within the environment, the bank had continued to grow its customer base reaching over 122,000 savings accounts and 22,000 active loan customers, representing a growth of 26 percent and 52 percent, respectively.
Akinwuntan noted that savings deposit grew by 98 percent to close at N1.05 billion, compared with N543 million in 2012, and over N7.3 billion in loans were disbursed to over 32,000 customers, therefore closing 2013 with an active loan portfolio of N3.02 billion, compared with N1.87 billion in 2012, adding that profit for the year after tax amounted to N389.5 million, up 38.5 percent from N281.1 million in 2012.
“Our presence in Lagos was increased to 19 branches by December 2013, with the establishment of additional branches in Anthony, Apongbon and Ikorodu, while Ladipo, Idumagbo and Isale-Oja branches were relocated to larger premises,” he said.
He added that with the upgrade to T24 R10 banking software and servers, the bank continued its strategy of full automation of the services.
According to Akinwuntan, “Accion Microfinance Bank has won the Lagos State Enterprise Award (LEAD) for best microfinance bank in Nigeria in 2013, for the third executive year. According to LEAD’s executive director, the bank was recognised for its uncompromising standard in promoting micro-enterprises and delivering first-class services resulting in poverty alleviation in Nigeria.”
He noted that in line with the bank’s goal to leverage technology to improve the wealth of its customers, a major focus for 2014 will be to increase the usage and uptake for the ATM cards by providing customers with instant ATM cards.
“We are in the pilot phase of our PoS off-line project, which affords our collection officers the opportunity to capture transactions on the field without direct connectivity, thus improving success rate of data being generated and posted into customer’s accounts,” he said.
Speaking at the AGM in Lagos, Bunmi Lawson, managing director/CEO, said the financial year 2013 , established the bank as the microfinance bank of choice, providing easy and safe access to financial services within the Nigerian banking industry.
“Despite the several economic and socio-political challenges experienced in the country during the year, I am delighted to report that the bank made tremendous progress in line with its mission and vision. Our unique products and services have enabled us reach more customers positively, impacting lives and improving socio-economic wellbeing. We reached out to the unbanked, many of whom are now financial included,” according to Lawson.
HOPE MOSES-ASHIKE & IFEOMA OKEKE
