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Accion MFB Disburses N15 Billion Loans

27 May 2013

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Accion Microfinance Bank


Accion Microfinance Bank (MFB) Limited has said it gave out out a total of N15 billion loans to customers since it commenced operations in 2007.


The Managing Director/Chief Executive Officers, Accion MFB, Mrs. Bunmi Lawson, who said this during the firm’s seventh Annual General Meeting (AGM) held in Lagos, disclosed that 81,589 customers had benefitted from the loans since the creation of the bank.
The shareholding structure of Accion MFB showed that it is owned by Citibank, Ecobank, International Finance Corporation (IFC), Zenith Bank Plc, Accion Investments and SME Partnership 1 & 11.


“Since starting operations in 2007, Accion MFB has successfully disbursed over N15 billion loans to 81,589 customers over the period. We have provided approximately 100,000 savings accounts and pioneered micro-insurance in Nigeria by providing credit life, fire and burglary insurance to all our loan customers.


“We have also built strong internal capacity growing our staff strength from 76 in 2007 to 382 in 2012. The past five years have brought with their shares of challenges, many of which have been daunting, but with the steadfast support of our shareholders, boards members, management and staff, we continue to surmount them and move steadily towards achieving our mission,” she explained.
The MFB’s financial statement for the year ended December 31, 2012, showed that its gross earnings climbed by 25 per cent to N1.3 billion in 2012, from N1.036 billion in 2011. Its profit before tax also increased by 33 per cent to N406.238 million in the year under review, from N306.523 million in 2011, just as Accion’s profit after tax rose by 33 per cent to N281.172 million in 2012, from N211 million in 2011.


“In addition, we made strides in the implementation of our technological goals, with the implementation of our ATM cards, which today allows our customers the convenience of having easier access to their funds at any ATM in Nigeria, giving them additional peace of mind in knowing that their funds are secure.  We have continued to simplify our processes making them easy and friendly for our customers to use our services,” Lawson stated.
  

Tags: Business, Featured, Nigeria, Accion Microfinance Bank

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