When Accion Microfinance Bank (MFB) introduced the Group Loan initiative, its aim was to accomplish its mission, which is to economically empower micro-entrepreneurs and low-income earners by providing access to financial services in a sustainable, ethical and profitable manner.
The bank introduced the Group Loan initiative in three branches of Surulere, Ikotun and Ketu. Consequently, customers who before now were unable to get individual loan, now form group and are given loans according to each members’ capability.
The initiative, according to Bunmi Lawson, managing director/CEO of the bank, has impacted positively on the bank’s financial inclusion drive. “The once rejected are now accepted,” she said.
Temitope Kehinde, one of the customers, was excited and commended Accion MFB for its efforts at growing her business, saying “it is the efforts of Accion team we are enjoying. I started with nothing, to buying one bag of clothes, to buying 50 bags, and presently I buy one container of clothes. Accion will continue to grow from strength to strength.”
Additionally, the bank now issues ATM cards instantly, giving its customers access to their money 24/7, without any delay. The bank also during last year came up with cheque books for its customers.
Going forward, the says it is coming up with various innovations to serve its customers better, as “we are also streamlining our process whereby your collection officer manages both your loan and savings at the same time.”
In line with its focus and the urge to give back to the society, the bank executed a lot of corporate social responsibility activities in course of last year. For instance, beginning from next week the bank will be visiting schools in Lagos to extend its hands of fellowship to them.
“I want to also assure you that 2014 will be great for all our customers. We have a lot for you in the… The new group loan initiative will be deployed to all the branches. Loan disbursement, repayment and savings collection will be further made simple, easy and fast. There will be increased access to your funds through the deployment of more ATMs. We are coming up with rewards for referrals, etc. My advice is, just remain with Accion and the goodies for 2014 will be yours,” she told customers at the bank’s 2013 customer forum held in Lagos.