As part of its policy to financially empower the economically active poor, the management of Trustfund Microfinance Bank has reeled out a window of empowerment opportunities to sustain clients’ confidence.
The financial institution which transformed to microfinance bank from the defunct community bank in 2007 has a customer base of 75,000.
Sunny Idehen, the managing director of the bank, at a customer’s forum organised for clients in Benin City, said the Institution in January 2012 was granted an operational license to operate a state microfinance.
Idehen disclosed that the bank has 14 operational offices in Benin metropolis, branches in Auchi, Ekpoma and Abudu in Orhionmwon Local Government Area, noting that plans have been concluded to expand to more local governments before the end of 2015.
While assuring the customers of the institution’s continuous financial support to those are serious–minded, he decried the high profile of loan payment indebtedness among the clients.
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He listed the objectives of the forum to include interaction with the clients, ascertaining their challenges as well as to intimating them on some government intervention funds that the bank is keying into among others.
He disclosed that the bank is partnering with National Agency for Poverty Eradication (NAPE) to disburse funds to farmers in the State and plans by the Edo State Ministry of Commerce and Industry to empower traders.
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Idehen also disclosed that the bank is working with the Edo State Government to access the sum of N2bn from the N220bn Central Bank of Nigeria Micro, Small and Medium Enterprise (MSMEs) development fund that was launched by the federal government last August.
The managing director added that the fund would be disbursed to clients through registered cooperatives and however advised those that are yet to form cooperative to do so within the shortest possible time.
He said the fund would be given at a very minimal interest rate to the beneficiaries.
Idehen said the bank disbursed N950m in 2013 fiscal and plan to increase its portfolio to N1.2bn in the next six months.
Other windows of empowerment opportunities the bank plans empower its clients with are funds from the Federal Ministry of Agriculture which it was mandated to disburse to farmers in the State as well as the Edo State Micro-Credit scheme that is underway.
He further added that the bank is partnering with the Bank of Industry (BOI) to disburse loans to investors in the manufacturing sector to upgrade and expand their establishment.
He, however, officially introduced some technological innovations such as e-wallet, customised Automated Teller Machine (ATM) – cards among others to enhance customers’ banking activities.
IDRIS UMAR MOMOH
