Despite the over 1000 microfinance banks scattered around the country, microfinance is yet to be in Nigeria. Managing Director/chief executive, Hazounwao Assets Management Company, Mr. Wale Akinwande made this observation while fielding questions from journalists at the commissioning of the company's office in Lagos.
Disclosing that Hazonwao has been granted a microfinance bank license by the Central Bank of Nigeria, he remarked that he noted that the aim of the company in the microfinance bank segment is to touch peoples' lives by training them, giving then information they needed for wealth creation and provide financial assistance to help them set up their own businesses.
He stated that microfinance is yet to reach Nigeria adding that for example there is no microfinance bank in my village and microfinance is yet to tough ordinary people in the country. Hazonwao he restated will make a difference in this regard and that is why its pay off is “Help is Here”. He disclosed that though the proposed microfinance bank was registered with N20 million capital base, he said that this has increased to about N500 million and it would soon be raised to N1 billion.
Responding to the complaints about the posh office set up by microfinance banks, he stated that the truth is that the way people perceive things in Nigeria is different from that of places like Bangladesh where microfinance began. He noted that over there, microfinance banks operate with a table and bench from where they attend to their customers.
If you try that here in Nigeria, nobody will patronise you. He added that to do microfinance bank in Nigeria successfully, there is need to reorientate the people who are the target market audience about savings and investment adding that this is the first step in the relationship between Hazonwao and its clients. We partner with them to train and discuss with them on how to handle the money we are giving them.
Explaining the structure of the Hazonwao group, Akinwande stated that the parent company is Hazonwao Asset Management Company and it is duly registered with the Securities and Exchange Commission. The group he said has a Bureau De Change, a Property company and a hospitality company as well as the microfinance bank.
Hazonwao, he disclosed commenced business less than two years ago with the vision for wealth creation adding that this is reflected in the name of the company which is a combination of two words. The first a Hebrew word ‘Hazon’ meaning vision, and the second WAO meaning Wealth Actualisation Offer, which the flagship product of the company. The specialisation of the company is personal finance and wealth creation and its intention is to bring wealth creation which has been hyped up there to the level of the ordinary Nigerian.
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