Date: 2017-10-19

No fewer than 5,000 customers have benefited several loan packages from First Heritage Microfinance Bank.

The Managing Director of the bank, Pastor Enoch Ajibola made the disclosure on Monday while speaking on the readiness of the bank for its Annual General Meeting scheduled for Saturday.

He said, "Over 5,000 customers have benefited our several loan packages since our conception some years ago.

"We are operating at rural areas and our core responsibility is to assist the financial status of the active poor people. We developed our products to meet their demands such as Agric loans for the farmers, enterprise loans for businessmen and micro loans for petty traders. Even the civil servants most especially teachers we design loans for them.

The MD stressed that the bank apart from the credit department have an effective loan monitoring to check and supervise businesses of their customers.

According to him the present economic situation has posts a challenge to the bank in terms of loans recovery as some of the customers are defaulting and complaining that recession is affecting their businesses seriously.

He stressed that the interest rate on deposits and credit is designed towards the products being given out to the customers such as the Agric loan which has 5 per cent interest rate on monthly basis.

Ajibola noted that the bank capital base presently is about N172 million which is above the N100 million stipulated by the Central Bank of Nigeria.

He also added that the bank has branches across the three senatorial districts of the state with the intention of extending its operations to communities with no commercial banks.