Accion Microfinance disburses N57b loans, plans expansion in 2016

ACCION Microfinance Bank said it has disbursed over N57 billion in loans to customers since it began operations in 2007.

The bank also said its client base has risen from 86,665 in 2014 to 131,937 accounts, with more than 47,000 new customers over the period.

The Managing Director and Chief Executive Officer of the microfinance bank, Ms Bunmi Lawson, said the bank disbursed about N12.2 billion loans to customers in the last 11 months.

According to her, the total loan disbursement since inception to date amount to over N57billion adding that the number of customers that joined the bank in 2014 increased form 86, 665 to 131, 937.

Speaking at the yearly customer’s forum to celebrate its esteemed customers for their loyalty, she reiterated the bank’s commitment to quality service delivery, providing a brighter life for staff and customers.

“Customers whose shops were affected in various fire accidents during the year have had their loans cleared by our Insurance partner while additional benefits as announced earlier in the year have also been credited to their accounts to enable them cushion the effect of the unfortunate incidents, she said.

As part of its commitment to financial inclusion, she disclosed that the bank recently opened a branch in Port Harcourt and would be unveiling new branches across Nigeria in 2016 to enable people who are unbanked or do not have access to regular banking service access fund.

The bank recently launched a loan product for persons living with disabilities and other loans covering education and flexible short term financing.

However, the bank disclosed its mandate on the reduction of interest rates on the range of 0.5 per cent to two percent depending on the various loan cycle; deployment of more Automated Teller Machines and launch of SME products to cater for high niche clients and housing products to meet the needs of customers in the coming year.

Meanwhile, customers were awarded for their loyalty to the banks at the event.