Accion MfB grows loan book by 33%

Accion Microfinance Bank grew its loan book by 33.3 per cent to N13.7bn in the 2015 financial year. The lender said its loan portfolio also grew by 28.1 per cent to N5.4bn in the same period.

The active borrowers of the MfB rose by 27.9 per cent to 43,788 while its number of savers also grew by 38.2 per cent to 120,000.

This, Accion MfB said, led to 16.9 per cent growth in shareholders’fund to N3bn in 2015.

The Chairman of the bank, Mr. Patrick Akinwuntan, said these at the 10th Annual General Meeting of the bank held in Lagos.

He noted that the economic landscape for 2015 remained resilient with dwindling global crude oil prices coupled with the security challenges.

Akinwuntan said, “The bank’s performance continued to be positive in line with the vision of being the market leader in ensuring that Nigerians are financially included.

He mentioned that the bank had a slight drop in profit after tax to N546m, occasioned by increased investments in people and infrastructure.

The Managing Director/ Chief Executive Officer, Ms. Bunmi Lawson, said the bank had invested in technology to offer customers a new paradigm in banking.

She said, “We have continued to leverage on technology as a major driver of the bank’s expansion strategy to get things done easily, quickly and rightly. The bank has deployed the electronic document management system to enhance better data warehousing and management.”

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