11,000 Entrepreneurs Benefit From N12bn Bank’s Loans

More than 11,000 micro entrepreneurs benefitted from Accion Microfinance Bank’s N12 billion micro loans between 2007 and 2011.

The bank’s Managing Director, Mrs Olubunmi Lawson, announced this at the company’s 2011 annual general meeting (AGM) in Lagos.

Lawson said that in spite of the tough operating environment in 2011, Accion recorded significant growth, with profit before tax growing to N306 million or 103 per cent from N150 million in 2010.

She added that savings also rose by 46 per cent to N431 million from N294 million in the previous year.

“In the year under review, the bank also successfully increased its loan portfolio by 56 per cent to N1.5 billion from N1 billion,” Lawson said.

According to the managing director, the bank’s operational strategy in 2012 will focus primarily on expansion.

“We will be expanding to other parts of Lagos to better service our existing clients and address the issue of financial inclusion for people without account,” Lawson said.

Reports say that in March Accion won the best microfinance bank in Lagos.

The award, coordinated by Leads Award Group (LAG) and Lagos State Government, aims at rewarding organisations that have contributed to enterprise development in the state.