Offering a brighter future to over 250,000 clients for the past 8 years by providing them easy access to various financial products and services that include savings, loans, micro-insurance and e-commerce, and economically empowering them to actualise their dreams of a brighter future, Accion Microfinance Bank has grown in all facets from being a state MFB to getting a national license two years ago.
Many clients have numerous testimonies of how their partnership with the bank has helped them become financially independent and enable them provide financial support for their families.
“One of the things I appreciate about Accion MfB is the effort they put into communicating effectively with their customers, Tolulope Olufelo, a two-time best loan customer of the year who started her relationship with the bank in 2010 said.
According to Olufelo, who is a customer of the bank’s Oke Arin branch, her clothing business has not just grown in sales volumes with an increase in the number of shops in Lagos, she has also extended the boundaries of her business influence across three continents through her relationship with the bank.
Bunmi Lawson, managing director/CEO said 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 during the 2015 financial year, 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.
The bank’s total loans portfolio grew by 28.1 percent from N4.2 billion in December 2014 to N5.4 billion in 2015 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.
Total loans disbursement by Bank grew by 33.3 percent to N13.7 billion in 2015 from N10.3 billion in 2014.
With this, the total loans disbursed by the bank from inception stood at N46.56 billion at the end of December 2015.
Patrick Akinwuntan, chairman of the board of the bank, noted that innovation and the use of technology which has helped Accion Microfinance Bank Limited at more efficient levels will be leveraged on in the financial year 2016 to enable it continue to serve its customers better.
HOPE MOSES-ASHIKE
