HASAL MFB Marks 10 Years of Operation


The Shareholders and Directors of Hasal Microfinance Bank have expressed confidence in the management team of the bank.
The bank which clocks ten this year was founded in 2008 and operates from 18 business locations in the Federal Capital Territory.

As part of the activities marking the celebration of 10 years of microfinance banking activities, HASAL recently hosted a spelling bee competition among primary schools in the FCT and granted scholarships to the best pupils in the competition.

However, a statement from the bank denied report of alleged possible forensic audit of the financial institution and denied that the shareholders and directors ever petitioned the Central Bank of Nigeria (CBN) on any matter against its chief executive.
The statement quoted the board to have explained that some person with criminal records had attempted to join the bank and Hasal through its KYC and due diligence activities uncovered this.

“The board expressed satisfaction and gratitude to the CBN for upholding strong professional and ethical standards in the discharge of its regulatory functions to the bank while assuring of its commitment to professionalism and strict adherence to the regulatory guidelines in the microfinance sector.

“HASAL has an asset base in excess of N6 billion and a capital base in excess of N2 billion as at last financial year with a customer base of more than 160,000 and a loan portfolio of almost N5 billion, customers are assured of unique microfinance services that earned it the “Most Innovate Microfinance Institution” by the Citibank/Growing Business Foundation as well as EFInA Innovation Grant of $500,000 to support its branchless banking project,” it explained.

The bank stated that it has also attracted the attention of Microfinance Social Investors having been granted a Euro1.5 million on-lending facility by OIKO Credit Netherlands.