• Thursday, November 30, 2023
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Accion MFB empowers 100,000 customers with N1.8bn in 2012


Accion Microfinance bank limited has consistently worked towards the achievement of its mission to economically empower micro entrepreneurs and low income earners as it has served over 100,000 customers with N1.8 billion of loans in 2012.

The gross loan portfolio of the bank grew from N89.8 million in 2007 to over N1.8 billion in 2012, representing 1904 percent increase.

Within one year period, the bank’s savings grew by 26 percent to N543 million in 2012 from N432 million the previous year. The result of the financial year ended December 31, 2012 revealed that the bank’s loan portfolio grew to N1.8 billion in 2012 from N1.5 billion in 2011, representing 20 percent increase.

Furthermore, the bank disbursed N4.6 billion in loan in 2012 to 20,809 loan clients, bringing total disbursement to date to N15.1 billion.

Speaking at the 7th annual general meeting held in Lagos, Patrick Akinwuntan, chairman of the bank said, “Accion Microfinance banks’ values of integrity, customer service, leadership, innovation and teamwork continue to guide our work as we implement our strategy”. The bank’s financial result show that the bank’s staff strength rose from 76 staff in 2007 to 382 staff at the end of 2012.

According to the chairman, the bank is committed to creating an environment of innovation in technology with the required acquisition of skills and employee trainings to stay ahead of customer’s needs and competition.

“Our focus in the coming years is the continued achievement of our vision and mission to exceed our customers’ expectations and continue to grow our bank in all aspects inclusing customers, branches, staff, investments, deposits, our operating income, in addition to our leveraging of e-service channels to reach the unbanked”.

He said the bank will focus on electronic banking channels to leverage access to the unbanked in an efficient manner, extend its ‘brick and mortar’ branches reach to all local governments in the State to serve as hubs while investing significantly in mobile banking access to give its customers the opportunity to access their bank details and possibly carry out transactions on their phones.