Addosser MFB shareholders’ fund hits N1 billion
With N1 billion shareholders’ fund, total asset size of N4.5 billion and strong presence in all the local governments in Lagos State, management of Addosser Microfinance Bank (MFB), said it has grown to become one of the top leading MFBs in Nigeria.
The lender since establishment in 2008, said it has disbursed loans in excess of N30 billion to over 50,000 customers operating in the Micro Small and Medium Enterprises (MSMEs).
Managing Director of Addosser MFB, Adebayo Fabiyi, who disclosed this during a branch opening at the Odun Ade market area in Lagos, said so far, its customer base has increased to over 70,000 with deposits of over N3 billion.
While appreciating the customers for their overwhelming patronage and support since inception of the branch, Fabiyi assured them of a mutually rewarding relationship, even as he sought for more support to grow the business together.
Describing the meaning of Addosser to be a pillar of support, he said the bank is owned and managed by a highly seasoned team of professionals, which has made the bank very focused, as well as recorded tremendous growth despite series of economic challenges that overtook many MFBs in Nigeria.
According to him, Addosser MFB has remained strong and competitive.The market leader of the plaza where Addosser MFB is situated, and Managing Director of Uzoh Vitson and Associate Limited, Vitus Uzoh, commended the lender for the products offering and friendly interest rates it offers to traders.He assured that with proper marketing, establishing good relationships with the traders, they will be able to meet their target, and urged them to liaise with the market unions and elders to create a strong presence.
Highlights of the event included intimating participants on tips of how to make businesses grow as well as effectively managing cash flows in their businesses.