By Giwa SHILE
The Managing Director, Accion Microfinance Bank, Mr Taiwo Joda, on Tuesday said the bank granted N19.13 billion loan to 713 Small & Medium Enterprises (SMEs) in 2017.
Joda made this known in Lagos. He explained that the bank was motivated by the 2016 Enhancing Financial Innovation & Access (EFINA) Survey, which revealed that 40.1 million adults were still financially excluded.
“According to the survey, the 40.1 million adults financially excluded represent 41.6 per cent of the adult population in the country,’’ Joda said.
The managing director said that the figure motivated the bank to demonstrate resilience and ensured that SMEs were attracted through financial empowerment.
He added that the bank grew its active borrowers to 39,749 in 2017 from 39,036 in 2016.
Joda said the bank also improved on total loan disbursement since its inception in 2007 to N81.28 billion in 2017. According to him, Accion Microfinance Bank is also working hard to surpass the 2017 achievements in 2018.
Joda said in line with the bank’s national expansion strategy, new outlets had been opened.
“The bank has extended to new states with the opening of Ariaria branch in Abia State and Asaba branch in Delta State in 2018,’’ the managing director said.
TBI Africa reports that the bank was licensed to operate nationwide in 2016 and has extended its operation to over seven states.
The bank has also increased its branches from 40 to 62.
