By Providence Emmanuel

ACCION Microfinance Bank Limited, AMfB, said it disbursed N19.13 billion as loan in its financial year ended December 31, 2017 while Profit After-tax, PAT, rose by 50 percent.

Naira

The bank said the loans disbursed in 2017 represent 23 percent increase when compared with N15.58 billion disbursed in 2016 financial year, adding that profit after tax rose to  N809 million.

Chairman, AMfB, Mr. Patrick Akinwuntan, gave the figures at the 12th Annual General Meeting of the bank, held in Lagos, stating that compared to December 2016, total loan portfolio grew by 24.4 percent to N7.27 billion in December 2017 from N6.12 billion in December 2016.

He added that the bank’s active borrowers grew by two percent from 39,036 in 2016 to 39,749 in 2017. Meanwhile the number of savers grew from 144,284 penultimate year to 166,795 representing 15.6 percent growth.

Akinwuntan further said that the bank achieved capital adequacy ratio of 45 percent in 2017, compared to the regulatory requirement of 10 percent, adding that shareholders’ fund grew by 16 percent  to N3.91 billion from N3.36 billion in 2016.

He said: “Throughout our first decade of operations, AMfB has delivered positive transformation through financial and economic inclusion for the poor in Nigeria. We have created sustainable impact and solutions for low income micro-entrepreneurs and their families, boosting prosperity for communities.

“The bank continued to demonstrate resilience and was able to withstand key economic headwinds and challenges across multiple fronts to post impressive results in 2017. Ensuring that the strategy of the bank stays relevant not only to the landscape today but that it also prepares us for the opportunities and risks ahead continues to be a key area of focus for both the board and management.

We are reminded that the 2016 EFinA financial access survey shows that many Nigerians remain unbanked. It is at the heart of our strategy to continually be at the leading edge of progressive changes in the sector, in a manner that enables more Nigerians have access to affordable, customer-focused and accessible financial service.” he said.

Also speaking, Managing Director/Chief Executive, AMfB, Mr. Taiwo Joda, said that the bank is deploying various initiatives to serve its customers better and deepen financial inclusion in the year towards achieving its corporate goal in line with its vision and mission.

He said that the bank which deployed its mobile application to enable banking on the phone by clients is also upgrading its USSD code to a shorter code *572#  as well as  introduce a collection module on its DFA for easy cash collection for customers convenience.

Joda, stated,  “I am very optimistic of a better outing in the 2018 financial year. We are increasing our partnerships in digital banking, value cluster, assets financing, among others. The bank got the CBN’s approval early in the year to serve as a sub agent to Ecobank on Western Union Money Transfer business. The bank after a successful pilot deployed the NIBSS Instant Payment platform termed “Accion pay” at the beginning of Q2 in 2018. The platform enables our customers to receive payments, repay loans and save instantly using other banks’ mobile application, USSD and internet banking to transfer to other banks,” he said.

In addition to these, the bank expanded  its physical reach by opening 44 branches, seven cash centres and 11 virtual teams in the year, bringing the number of outlets including branches, locations and virtual teams to 62.