Companies

Accion Microfinance Bank grows N6.12 loan portfolio in 2016

by HOPE MOSES-ASHIKE

May 29, 2017 | 7:37 pm
  |     |     |   Start Conversation

Accion Microfinance Bank limited, which has been in the business of meeting financial needs of micro and small businesses, for 10 years, has grown its loan portfolio to N6.12 billion in 2016 financial year. This represents 12 percent growth compared to N5.45 billion recorded in 2015.

The bank’s total loan disbursements within the year grew from N13.77 billion in 2015 to N15.58 billion in 2016, while cumulative disbursement from inception to date grew at an average of 56 percent from N1.9 billion in 2008 N62 billion in 2016.

However the number of active loan clients declined from 43,788 to 39,036 in 2016, indicating an 11 percent decline.  The bank’s savings deposit was stable at N2 billion by end of December 2016 in value compared to N2.1 billion in 2015.  Its number of savers grew by 20 percent from 120,000 in 2015 to 144,284 clients. In the same vein, total number of accounts grew by 10 percent from 222,158 in 2015 to 245,095 at the end of 2016.

Patrick Akinwuntan, chairman of the board of directors disclosed that the bank invested in improving its digital channels enabling an increased focus on savings for its clients.

“We have continued to implement our digital agenda to increase organizational productivity, reduce processing time and cost to carrying out transactions, and providing our customers with better services”, Akinwuntan said at the annual general meeting held in Lagos.

The bank launched the Accion Agent Banking network to bring the bank’s services closer to its customers, providing them easy access to repay their loans, pay for their utility bills and recharge their phones.

“Our USSD payment platform, Accion 322*143# enables our customers carry out several transactions, transfer funds, pay bills, recharge their phones and check their account balances, all within the ease of their business premises or homes”, Akinwuntan added.

Speaking at the AGM, Bunmi Lawson, managing director/CEO, said 2016 was a special year.  “It tested all we knew about economics and development in an environment filled with uncertainty and shocks”.

She said the bank as a segment of the national economy was not immune from these events that bedeviled the economy. “As a result, a review of our performance indicators during the period under review showed mixed performance with some gaps in our performance trajectory when compared to our plans for the year”, Bunmi said.

Speaking further, she said, “As part of efforts in deepening financial inclusion in Nigeria and making significant improvements in our service delivery to our amiable customers, the Bank successfully deployed various initiatives and projects during the year under review. We also continued to leverage on technology as a major driver of the Bank’s expansion strategy”.

 

HOPE MOSES-ASHIKE

Tags:

by HOPE MOSES-ASHIKE

May 29, 2017 | 7:37 pm
12893  |   93   |   0  |   Start Conversation

Big Read |  

Analysis
Does Conoil need a makeover?

Does Conoil need a makeover?

One of Nigeria’s oldest company, Conoil Plc is looking like a company in need of a game changer as its...



MTN Felele

Banking App