Accion MFB Grows E-channel Usage by 75%, Eyes Listing on NGX

Ugo Aliogo

Accion Microfinance Bank (MFB) has revealed that its adopted digital technology was used to transform the bank’s business resulting in a 75 per cent increase in usage of the bank’s e-channels by its customers currently.

This was even as the bank said it is considering listing on Nigeria’s stock market at the appropriate time.

Speaking to journalists during the bank’s Walk for Wellness initiative in Lagos, the Managing Director, Accion Microfinance Bank (MFB), Taiwo Joda, noted that the initiative was born out of the bank’s desire to help its staff to live a healthy lifestyle while creating an avenue for bonding due to the seclusion created by the COVID-19 pandemic in 2020.

Joda further revealed that the bank is planning on having its annual sport festival this year and stated that the current 75 per cent of the bank’s workforce speaks to the fact that Accion MFB’s future remains bright.

When quizzed on the level of investments the bank has done leveraging technology, he said: “We have had huge and amazing investments. We were undoubtedly the leader among the microfinance bank sector in Nigeria that has adopted digital technology to transform business. We have our E-Channels working and as of the last count 75 percent of our customers use our e-channels. That’s 75 per cent of the 250,000 customers that we serve who use our digital channels. I think that is a huge number considering where we are coming from.”

Joda also stated that the bank is in partnership with some groups to enhance the bank’s operations by delivering the bank’s mandate of empowering micro-entrepreneurs and low Accion Microfinance Bank (MFB) Accion Microfinance Bank (MFB) income earners and providing financial services in a sustainable, ethical and profitable manner.

He revealed that the bank will list its shares on the floor of the Nigerian Exchange Limited (NGX) at the appropriate time as the decision rests with Accion MFB’s shareholders.

“We will do that (listing) but not in the immediate term but you can’t rule out that possibility. That is a decision for the shareholders to take and I know that at an appropriate time, we will approach the market, but not in the immediate horizon,” he said.