By Providence Obuh

Accion Micro finance Bank (AMfB) Limited, said it has disbursed about N31.7 billion loan since inception, while it recered 60 percent increase in profitability for the year ended December 31, 2014 Meanwhile, the bank has commenced a rebranding exercise to commemorate the achievement of a national license.

Chairman Board of Directors, AMfB, Mr. Patrick Akinwuntan disclosed this at the 9th annual general meeting of the bank in Lagos adding that the number of active borrowers grew to 58 percent from 21,654 to 34,245 with 19 percent growth in accounts, representing 123,076 and 146, 578.

He said, “The bank made a profit after tax of N622,555, 000 at the end of 2014 representing a 60 percent growth compared to the same period in 2013.  Shareholders’ funds grew to N2.6 billion in 2014 from N2 billion in 2013 representing a 27 percent growth.

Compared to December 2013, our total loan portfolio grew by 33 percent from N3.018 billion in 2013 to N4.028 billion in December 2014. Total loans disbursed grew by 26 percent from N7.4 billion in 2013 to N10.3 billion in 2014, with total loans disbursed from inception to date closing at N31.7 billion at the end of December 2014.”

Akinwuntan said, 2015 is a significant year for the bank as we commence on our 5-year Strategic Plan 2015-2019 to expand geographically in Nigeria with a variety of retail channels whilst improving operational efficiency through technology. With our national license, we are set to explore establishment of far reaching financial inclusion programmes for micro-entrepreneurs and low income earners, not just in Lagos, but in at least 10 States of the Federation and Abuja.

“It is our intention that within 5 years AMfB would have established not only additional branches but growing its retail service channels through Cash Centres, Agents and ATMs and POS machines,” he said. Also, Managing Director, AMfB, Ms. Bumi Lawson, said the banks total Assets in the period stood at N5.09 billion compared to N3.95 billion, indicating a growth of 29 percent, while deposits also grew by 36 percent from N1.06 billion to N1.42 billion.

Lawson added that the bank’s staff strength including support staff closed at 798 with Core staff at 678 from 535 in 2013, indicating a growth of 24 percent and 27 percent respectively, even as the bank now boasts of 25 branches in Lagos with a view to opening more branches within the State and across the country in the coming months.

According to her, “We also focused on staff Training and Development to ensure we have the best crop of staff in the industry. The bank recorded another milestone in the financial year 2014 despite the challenging economic and socio-political environment in Nigeria during the period under review, Further deepening financial inclusion as evidenced by the positive performance indicators and awards during the period under review.”

On the new logo, she said that the new logo represents confidence and values of the bank with colours which symbol signifies the bank’s commitment to building a brighter future for its customers. “The sunbeam symbol represents a new dawn, freshness, new opportunities, optimism and empowerment as the bank provides easy access to financial products and services to customers. The new logo symbolizes a new dawn as the bank is set to expand its operations across Nigeria.

“As we commence our expansion into other parts of the country, we have refreshed our brand to celebrate this milestone. We want to share our success and greater vision for a brighter future and for financial inclusion,” she said. On his part, the Chairman described the logo change as, “a strategic move to deepen the bank’s vision of a financial inclusive world in a proactive manner.”

“The new brand identity emphasizes the bank’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,” he said.