By Amaka Agwuegbo
AB Microfinance Bank has extended several credit facilities to 3,000 beneficiaries in Lagos, in its efforts to empower lives,.
Ms. Corinna Heuer, Head, Banking Services, AB MFB, who disclosed this to journalists said through the bankâ€™s credit facilities, a lot of Nigerians have been empowered, thus creating employers of labour and eradicating poverty.â€œWithin one year of operation in Nigeria, AB MFB has given out 3,000 loans.
The beneficiaries accessed credit facilities ranging from N5,000 to N1m to either start new businesses or sustain existing ones. The beneficiaries are artisans market men and women, small scale business owners, among others who have shown that they are credit-worthy individuals.â€
Advising the active poor to always use the loans for the purpose meant for, she noted that this is the only way their lives could change for better.
Also speaking, the Managing Director, AB MFB, Mr. Michael Barleon, said the bank would continue to offer financial services to micro, small and medium-sized enterprises in the lower income strata of the country.
â€œSince the active poor need financial assistance to survive, AB MFB is ready to offer them uncollateralized credit facilities.
This is because we believe the development of the micro businesses would help in reducing poverty rate by creating employment opportunities that will fast-track economic growth and development.â€
Speaking further, Barleon said microfinance banking is a tool that could help the low income people and society grows in leaps and bounds.
â€œThough there is competition in the microfinance industry, AB MFB has good credit products that will take care of the yearnings and aspirations of the people. This is because there is a huge demand for microfinance services here more than in other countries because of the huge population and AB MFB is capable of providing such services.
â€œThis informed the decision of the bank to give out loans and offer qualitative products that meet the demands of the market. Our plan is to reach out to the lower income groups that rely needs our service, he said.â€