MFB begins push for 100 branches nationwide

lends over N38.5bn to 42,000 micro investors

One of the fastest growing microfinance banks in Nigeria, Accion Microfinance Bank, says it is set to grow 100 branches nationwide, starting from Rivers State where it has just opened its 31^st branch, the first outside Lagos.

Accion, which has already given over N38.5 billion as lending to 42,452 micro-investors, says it is ready to lend far more to its fast growing army of small business owners in Nigeria.

The managing director, Bunmi Lawson, disclosed in Port Harcourt, Rivers State, at a recent unveiling of its first-ever branch outside Lagos, saying the nationwide expansion programme was a result of its recent license as a national MFB, after it had operated as a state MFB for a couple of years.

Reeling out more figures, the managing director told the Port Harcourt small scale business audience at the Education Bus Stop section of Mile One in Diobu that Accion was an industry leader highlighted by total asset base of N5.7 billion, secure automated teller machine (ATM) identification system with direct link to InterSwitch, 31 existing branches so far, and consistently growing its customer’s business.

She said Accion had made appreciable progress at the bottom of the pyramid, taking many away from poverty in Lagos and now extending this to Port Harcourt. “Our client-base has moved from a position of 2,531 customers in 2007 now to 185,405 customer accounts and 42,452 active borrows serviced in 31 branches in Lagos and Port Harcourt with 955 staff members. Our savings deposits have moved from N23.3 million in 2007 to close at N4.7 billion as at September 2015,” she said.

The CEO further thrilled the prospective clients when she said the volume of loan disbursements from January 2015 to October 2015 was N9.2 billion to 42,452 loan customers, saying “we have also performed well in our corporate social responsibility by giving back to the society. The bank has provided educational materials to different in Lagos which will be replicated here in Port Harcourt.”

She said Accion MFB is a leader in Nigeria, having been incorporated in May 2006 but was granted operating license by the CBN in April, 2007, and commenced operations in May of the same year. She said the management is an asset, made up of seasoned professionals, backed by Accion International as technical partners.

Lawson said: “Our shareholders include three leading commercial banks in Nigeria (Zenith, Ecobank and Citibank) as well as other global financial institutions; IFC, and Accion Investments in Nigeria. We keep to our core values, business philosophy and methodology, and these stand us out. We value integrity, Customer-service, leadership, innovation and teamwork (ICLIT)”.

On her mission in Rivers State, she said: “We are here to render exceptional service to you because in Accion, the customer is truly king. We are here to deepen financial inclusion by providing you with financial services/products. We are here to take you from your present level to a higher one, from poverty to prosperity, from lower level to a higher level in your business. You will not regret accommodating and doing with Accion MFB.”