• Friday, April 12, 2024
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BusinessDay

Trust Fund MFB disburses N2billion in three years

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The management of Trust Fund Microfinance Limited one of the leading microfinance banks in Edo state said it has disbursed the sum of N2.025.250.000 billion in the last three years.

Sunny Idehen, the managing director of the financial institution who gave the figures at his 50th birthday celebration in Benin City said the money was disbursed to 8,381 customers.

Idehen, who added that the funds were disbursed between 2010 to 2012 noted that the sum of N481.960million was given to 2,431 customers in 2009, the sum of N640.290million to 2,650 customers in 2011and N903million to 3,300 customers in 2012 respectively.

The managing director, who revealed that the Central Bank of Nigeria (CBN) has granted the bank licence to operate as a state financial institution added that it intended to acquire necessary technologies and knowledge to render cashless services to its customers before the end of the year.

Idehen posited that the bank was one of the institutions selected by the federal government in the state for the execution of Rural Finance Institution Building Programme (RUFIN), a World Bank project.

The financial institution boss who stated that the bank has 120 staff and over 45,000 customer base, added that it would continuously grow its capital base which is a key performance enhancing factor in the microfinance industry.

He added that the bank was one of the institutions selected by the federal government in the state for the execution of Rural Finance Institution Building Programme (RUFIN), a World Bank project.

He further added that the bank would continue to improve on its corporate governance; he however assured shareholders that the financial institution would be run professionally and in compliance with the regulatory rules.