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Accion Microfinance Bank disburses N9 billion loan in 5 years

As part of its efforts to become a leading microfinance bank in the country, Accion Microfinance Bank (AMfB) has disbursed a total of N9 billion within five years of operation.

Currently, the bank has 12,000 active loan clients with an active loan portfolio of over N1.7b and 60,000 savings clients, amounting to savings of over N400m.

Also, in a bid to create a brighter future and serve its customers better, the bank last week opened a new branch at Surulere,Lagos.

The new branch will take its branches up to a total of 12, which the bank has spread over the Lagos metropolis. Other branches are strategically located in major markets around Lagos, which include Idi Oro, Ladipo, Ogba, BBA (Trade Fair Complex), Idumagbo, Ikotun, Agege, Isale Oja and Surulere.

The bank’s decision to open a branch in Surulere is in line with its focus, which is to continue to make the future of its customers brighter, by giving micro entrepreneurs easy and reliable access to loans, to enable them grow their businesses.

The new branch will enable small businesses in the area to grow, which will invariably improve the economic conditions of the business owners.

The bank plans to cover virtually all local government areas of Lagos State and expand to other states of the federation.

While declaring the branch open, Patrick Akinwuntan, chairman of the bank, stated that "Accion has plans to cover all local government areas of Lagos State and is deeply committed to working with its customers in their efforts to create a brighter future for themselves and their families". Other dignitaries in attendance included the president and managing director of Accion International who was supported with over 25 Accion Intentional employees highlighting the importance to Accion International of their activities in Africa especially Nigeria.

AMfB has won several awards in the course of its operation in Nigeria, amongst which is the best microfinance bank of the year, awarded by the Lagos State Enterprise Awards designed to honor business organizations that have impacted positively on the lives of people living in Lagos State.

With a total asset size of more than N1.8b, Shareholders funds of N1.2billion and a Profit Before Tax of N150million, AMfB remains one of the leading microfinance.

Accion Microfinance Bank is a privately owned organization with the mission to economically empower micro-entrepreneurs and low income earners by providing financial services in a sustainable, ethical and profitable manner. Owned by an array of distinguished, result- oriented and service - driven corporate entities, both international and domestic, which include three commercial banks - Ecobank, Nigeria International Bank and Zenith Bank - and three international financial institutions - Accion Investments, IFC, SME Managers - with proven track records in wealth creation and management.

Through the years, AMfB has continued to develop the active poor in Lagos State, by providing support for their businesses and the bank has plans to continue to tackle the issue of financial inclusion in the state. Other locations like, Agege, Alaba, Ajah, and Bariga are being considered for our branch locations in the next financial year.

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