By Providence Emmanuel

ECHO Microfinance  Bank, MfB, Limited has disclosed that it is poised for the new recapitalization in the MfB sector ordered by the Central Bank of Nigeria, CBN, even as it rewards loyal customers for the year 2019.

Managing Director, Echo MfB, Mr. Ndoma Odey, made the disclosure at the bank’s Customer Appreciation/Award Draw and 10 years Anniversary Celebration, held at its Head Office in Isawo, Ikorodu.

He said that the bank had in the last 10 years rewarded customers who have been supportive especially those who save money from January to December without making any withdrawal.

To this end, the bank gave a grand prize of sewing machine, to a customer who emerged winner after a raffle draw. Other prize rewards includeed blenders, phones; toast machines, among others.

Meanwhile, Odey said that the bank is fully capitalized with N50 million under the Unit MfB category, adding: “We are poised for the new recapitalization of the CBN. The CBN categorized MfBs into three and we are in the most privileged area, we are classified under rural, meaning our capital base is N50 million. We already have it and we would surpass it.

“Our thinking is to go state-wide, having operated in the rural; we want to move to the urban, by 2020 and to tap into other markets that we have not been able to move into because of the limitation of where we are operating as a unit MfB. The reason we are strategizing goes beyond the area of operation, we want to go state wise so that we can tap into other markets that are within the Lagos metropolis.

“Our authorized share capital is N100 million and fully paid is N83 million. Our target is to move to N1billion as a state MfB, so that we can operate outside the axis we are already operating and then we can tap to other local government within the Lagos state,” he said.

To achieve these, he explained that the bank has repositioned its old staff and as well employed experienced hands to strengthen its operation and expand its reach.

He stated: “Human capital is key, we repositioned the old staff and recruited experienced hands, we strategized and categorized them into teams. We want to strengthen the area we have advantage. We have positioned people to locations so as to widen that area and service them better on daily basis. We have set up SME groups to go to other market and tap businesses.”

Speaking on loan repayment, he stated: “The character of Nigerians, we are bad borrowers, we are interested in borrowing and not to pay back, the mood they come with to borrow is always different when it comes to repayment. All we need to do in this economy is to encourage them not minding their attitude. Frequent monitoring is what we have done to ensure our staff go to them and collect money daily from them. A lot of them are multiple borrowers; they pay those they see first.”

In her remark, Head Human Resources, Mrs. Mojisola Oyetunji, said that the bank has a mission to be world class MfB and also to build a profitable household name in the provision of value-added financial services to the economically poor in the society with professionalism, integrity and people.

“Over the last 10 years, we have not failed in our promises to our customers,” Oyetunji said.