As part of effort to empower lives, AB Microfinance Bank has extended several credit facilities to 3,00 beneficiaries in Lagos, Nigeria.

Mrs. Corinna Hever, Head, Banking Services of the firm who disclosed this to journalists at the one year anniversary of the bank in Ikeja recently said, through the credit facilities a lot of Nigerians have been empowered.

This, she stated has created employers of casour, thereby eradicating poverty as a result of job creation.

She said that, the beneficiaries are artisans, market men and women, small scale business owners, among others who have shown that they are worthy to be credited individuals.

She said, that the beneficiaries accessed credit facilities ranging from N5,000 naira to N1 million to either start a new business or sustain the existing ones.

On repayment rate, she noted that some customers are now paying hack, while new ones are being granted credit facilities. The bank officer hinted that within the one year of operation of the firm, it has a deposit base of 2,500 and 3,000 loan beneficiaries. To her, no collateral is required to apply for loans, while loan seeker needs not to open an account before accessing loan facilities. Hener said that business plan of an individual, as well as guarantors are the only collaterals required  from the would-be beneficiary.

She added that customers can access financial or social assistance from three branches of the firm in Lagos State.

Advising the active poor to always use the loans for the purpose it’s meant for, adding  that this is the only way their lives could change fir better.

Speaking earlier, Mr. Micheal Barleon, managing director said his bank will continue to offer finance services to micro, small and medium – sized enterprise (MSMEs) in the lower income strata of the country.

He stated that, there is need for the poor to survive, the bank would be ready to offer them uncollateralised credit facilities.

He said the bank believes in the development of the micro businesses, in order to reduce the poverty rate, while in the same vein, creates employment opportunities that will fast frack economic growth and development.

The bank boss stressed that his firm has different credit products that will take care of the financially hand- capped but active poor, adding that, Nigerians have a lot to benefit from the service of the bank.

According to him, “we choose Nigeria as a destination because the country is a good place to do business especially Lagos, considering the kind of business opportunities therein.”

Reacting further, he believes microfinance is a tool that could help the low income people and society grow in leaps and bounds.

Though there is competition in the microfinance industry, he emphasised that AB MFB has good credit products that will take care of the yearnings and aspirations of the people.

While comparing Nigeria with other countries where the bank has branch, he indicated that there is a huge demand for microfinance service here more than in other countries because of the huge population.

This, he noted informed the decision of the bank to give out loans and qualitative products that meet the demands of the market. Our plan is to reach out to the lower income groups that really need our service, he said, stressing that the microfinance clients, must have the capacity to repay before granting them loans.

Barleon disclosed that the capital base of the bank is around 500 million euro, promising that the firm would continue to grow at the rate of 100 per cent per year.