• Wednesday, May 29, 2024
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Finatrust MFB records N800m gross earnings in 5 years


Finatrust Microfinance Bank Limited has recorded cumulative gross earnings of N800 million in the last five years. The bank started as a unit microfinance bank (MFB) in April 27, 2009, with approval-in-principle and got the Central Bank of Nigeria (CBN) final node on September 30, same year, with a share capital less than N80 million.

The bank today has grown to be a state licensed MFB with a balance sheet size in excess of N1.2 billion.

“This landmark achievement wouldn’t have happened without your support and business collaboration,” Ituah Ighodalo, chairman, board of directors, Finatrust MFB, says.

Highlighting some key performance indicators of the bank in the last five years, Ighodalo says the bank issues debit cards with an online real time services, adding that the bank expands business network through branches and mobile electronic wallet.

The bank has a total customer base in excess of 5,000, and the cumulative transaction turnover from all its correspondence banks is in excess of N24 billion.

“We have a total customer base in excess of 5,000 customers. Most significantly, in the last few years, we have taken considerable steps and established infrastructure that have distinguished us in the sub-sector,” according to Ighodalo, at a media chart announcing the kick off the fifth anniversary celebration of the bank.

In a bid to make financial services available for all and serve our esteem customer better, the bank has opened a new branch in Agege, and also have a plan to open four additional branches in the new year, he discloses.

According to the chairman, the bank’s focus to be the leading MFB in Nigeria will continue to be in the front burner in providing a cutting-edge and bespoke financial services to all its customers through technology and innovative products.

“Your bank’s social responsibility extends well beyond business and financial targets. The Fina 500 initiative has been set up as a foundation to create economic and social opportunities for those at the bottom of the pyramid and, particularly aims to create awareness among women and children about health, education, financial inclusion & economic empowerment,” he says.

Also speaking, Deji Popoola, managing director/chief executive, said “at Finatrust, we pride ourselves as an organisation with distinguished values and our values are very clear. Some of them are harmony, integrity, professionalism, service excellence and empathy. We look at our customer business and find product and services to support them.”