The Central Bank of Nigeria (CBN) has approved the request of management of the NPF Microfinance Bank for establishment of 11 more branches across the country.
The apex bank in the approval letter signed by Mrs. A.O. Kako on behalf of the Director, Other Financial Institutions Supervision Department, said, “We refer to your submissions in respect of the above subject and write to convey the approval of Central Bank of Nigeria to your proposed additional eleven (11) branches in Ibadan, Ikorodu, Abeokuta, Asaba, Tejuosho (Yaba), Onitsha 2, Port Harcourt 2, Aba, Okene, Aswani (Isolo) and Calabar.”
Commenting on its business development and future outlook, Managing Director and CEO of the NPF Microfinance Bank, Akinwunmi Lawal explained that the idea of creating more outlets was in line with its expansion strategy and to help provide seamless services to its esteemed customers.
Lawal said the bank has already concluded arrangements to unveil 5 out of the 11 branches this week. The new branches to be inaugurated, are located in Ibadan, Oyo state, Abeokuta in Ogun state and Ikorodu and Yaba (Tejuosho) both in Lagos state and Asaba in Delta state.
The managing director said other branches recently opened in Oji River, Enugu state and Kaduna have commenced full commercial operations with robust customer relations services and impressive results. “This is to ensure that we close the year with at least 35 branches in line with our strategic plan”, Lawal added.
The bank in 2015 recorded an improvement on its asset by 26 per cent from N10.865 billion in 2014 to N13.668 billion, and loan size by 21 per cent from N6.527 billion in 2014 to N7.881 billion in 2015. Its turnover rose to N2.329 billion in 2015 from N2.004 billion the previous year, representing a 16 per cent leap.