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Accion MFB to expand operations

By on May 20, 2015

Accion Microfinance Bank says it is set to boost its expansion plans by extending its branch network to 10 states of the federation and Abuja, starting from Port Harcourt.

The Chairman, Board of Directors, Mr. Patrick Akinwuntan, stated this in a report presented to its shareholders at the 9th Annual General Meeting of the bank in Lagos.

According to him, the development follows the lender’s acquisition of a national banking licence from the Central Bank of Nigeria.

The shareholders of the MFB also approved a dividend of 10k per share as proposed by the bank’s Board of Directors.

In the report presented by Akinwutan, the key performance indicators of the bank remained positive as the active borrowers grew by 58 per cent from 21,654 in 2013 to 34,245 in December 2014.

Akinwuntan told the shareholders at the meeting that the account base of the lender increased by 19 per cent from 123,076 to 146,578 accounts in 2014, while the number of savers grew by 36 per cent from 63,845 in 2013 to 86,655 in December 2014.

The report also disclosed that the lender made a profit after tax of N622.555m at the end of 2014, representing a 60 per cent growth compared to the same period of 2013.

The shareholders’ funds grew to N2.6bn in 2014 from N2bn in 2013, showing a 27 per cent growth.

The Managing Director and Chief Executive Officer, Accion Microfinance Bank, Ms. Bunmi Lawson, said the lender’s new logo was assertive and symbolised a new dawn for it.

“The new orange colour and larger sunbeam symbol signify the bank’s commitment to building a brighter future for its customers. The new logo symbolises a new dawn as the bank is set to expand its operations across Nigeria,” she explained.

She added that the new brand identity emphasised the lender’s mission to economically empower micro-entrepreneurs and low income earners with easy access to financial services in a secure and safe manner giving them a brighter future.