The management of Wetland Microfinance Bank Limited said it aimed to transform to National Microfinance bank by 2015.
Justina Baire Kpedi, the managing director of bank who disclosed this to BusinessDay in an exclusive interview in Warri in Delta State said the aim was to be able to reach all the non-bankable individuals in the country.
Kpedi who said the financial institution has already commenced the operation of state microfinance bank in the state said it has already extended its operation to about nine local government areas of the state.
She listed the local governments to include, Warri South, Udu, Ughelli South, Ughelli North, Ika North East, Bomadi, Oshimilli North, Ukwani and Sapele local government respectively.
While positing that the financial institution shareholders as at today is over N1billion she also added that the management are working towards achieving N2billion that would qualify it to apply for national microfinance bank licence by 2015.
She said the active customers base of the financial institution as at last December stood at 75,000 in which majority of them are women, 145 workforces while the loan portfolio to the customers is N1.3billion.
According to her, Wetland has met the state capital requirement of N100million even though our paid off share capital is far above that. Our shareholders’ fund is over N1billion. We are working towards achieving N2billion so that we can transform yet to a National Microfinance Bank. We are looking at 2015 as a target period to achieve this feat.
“We have existed for about 13 years as a microfinance bank and we have grow from a unit to state microfinance bank having nine branches all in Delta State, and also the shareholders’ fund has grow from N5million to over a billion naira now with the same shareholders,” she said.
IDRIS UMAR MOMOH, Warri