FINCA Microfinance Bank Limited at the weekend opened its second branch in Nigeria, at the Relief Market, Owerri, Imo State, after only a year of operations in the country.
FINCA Microfinance Bank is a leading microfinance bank in Nigeria, operating in the country since 2014. The bank provides a full range of financial services to more than 14,000 active clients through its branches in Owerri – Imo State.
According to the World Bank, 56 percent of Nigerians are financially excluded, making it one of the key reasons the global microfinance institution, which operates in 23 countries came to the Nigeria.
The chief executive officer of FINCA Nigeria, Phillip Takyi says they offer Nigerians simple, but innovative financial solutions – savings, term deposits, micro-insurance, funds transfer and loan products – to help low-income and small entrepreneurs to effectively grow their businesses, manage their money and save for the future.
In the past year, FINCA has made great strides reaching more people with competitive financial services.
As of date, the Mfb has over 14,000 clients in Nigeria, and has mobilized over ₦110 million in voluntary savings, whereas its clients have accessed over ₦550 million in loans.
With a strong commitment to serving low-income clients with warmth, trust and responsible banking, FINCA won Microfinance Bank of the Year in 2015 for the south eastern zone, for its efforts in community engagement.
Speaking at the opening event, Rupert Scofield, the global president and co-CEO of FINCA International, said, “FINCA’s services in Nigeria are one of the most innovative in our network; and are accessed through an efficient branch and non-branch network.”
Scofield, who came to Nigeria as part of activities to mark FINCA’s one year of operations, said: “We are proud to see FINCA Nigeria grow, and their services reach more low-income Nigerians, micro-enterprises, and small businesses that need access to socially responsible financial services.”
Takyi, the CEO of FINCA Microfinance Bank Nigeria said at the branch opening that the bank’s focus is to be the number one financial institution serving low income entrepreneurs, and serve as the community bank for Nigerians.
“We owe our achievements in our first year to, firstly, our clients who trusted us from the start and continue to entrust us with their savings and the growth of their businesses and secondly to our staff who have diligently served the institution over the past one year. We are also thankful to Central Bank of Nigeria, which has provided oversight and insight to our operations from the start till date,” Takyi stated.
FINCA Microfinance Bank Nigeria is part of the global FINCA microfinance network, serving nearly 2 million clients in 23 countries, with a double bottom line of financial sustainability and social performance across Africa, Latin America, Middle East and South Asia, as well as Eurasia. In Africa, FINCA operates in Uganda (since 1992), Malawi (since 1994), Tanzania (since 1998), Zambia (2001) and Democratic Republic of Congo (2003).
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