ACCION Microfinance Bank (AMfB), weekend, revealed a disbursement of ₦62 billion since inception in 2007 and ₦15 billion in its financial year ended, December 2016.
Also, the bank’s loan portfolio grew from ₦5.45 billion in 2015 to ₦6.12 billion 2016 representing a 12 percent growth with a corresponding growth of 20 percent in the number of customers who are saving money with the bank.
Speaking at the 11th Annual General Meeting held in Lagos, Chairman AMfB, Mr. Patrick Akinwuntan, said that business environment in the year under review was not easy as the economy experienced slow growth and had its full year recession since 1987.
He added that despite the challenges in the year, the bank remained strong and profitable while serving an increasing number of clients.
Akinwuntan assured that the bank would in the new year deepen its use of technology to serve customers better through multiple channels to access and transact on their funds in the bank, saying, “this reduces their time away from business in order to visit a branch. We shall continue to implement our national spread in 2017.”
Explaining that it expanded its services to Anambra, Oyo and Ogun states bringing its presence in Nigeria to five states, he disclosed that the bank already opened branches in Abia and Delta and will continue to expand via digital low cost channels to serve on a 24/7/365 basis.
Also speaking, Managing Director/CEO, AMfB, Ms. Bunmi Lawson, said that the year was one in which the economy of Nigeria contracted for three consecutive quarters, “and we could not hide from recession. The implications for the economy were grave with a lot of adverse events such as the sharp fall in the oil price in the international market with its adverse effects on the economy leading to a free fall of the naira, depletion in our external reserves, high inflation rate, increased unemployment rate from business failures, shut downs and layoffs, dwindling private investments, fragmented foreign exchange market.
“2016 was a special year. It tested all we knew about economics and development in an environment filled with uncertainty and shocks,” she said.