MSME Owners Laud Microfinance Banks In Kwara

Date: 2018-12-13

CUSTOMERS of microfinance banks in Kwara State have commended impacts of the banks on the socio-economic development of the State, saying that they provide quick access to loans than bigger banks.

Speaking during the fifth Annual General Meeting (AGM) of the KCMB microfinance bank in Ilorin on Tuesday, the customers of microfinance banks, who are made up of Micro, Small and Medium Scale Entrepreneurs (MSMEs), said that different loan schemes they benefited had put a smile on their faces.

One of the people, Mallam Abdulrahaman Jaji, commended the management and staff of the bank for their idealistic performance, saying that the bank's performance had remained positive with shareholders' funds growing from N101.9 million in 2016 to N106.3 million in 2017.

The customers said that the bank had contributed to the socio-economic development of the State and growth of their individual businesses, enjoining the management to continue the trend in future years.

Also speaking, Chairman, Board of Directors, KCMB Microfinance Bank, who is also the Kwara State Commissioner of Finance, Alhaji Demola Banu, said that the bank, in 2017, enjoyed the state government patronage when it was chosen as one of the partners of the state in the disbursement of the MSMEDF (Micro, Small and Medium Enterprise Development Funds) received from CBN.

"We use this medium to appreciate the state government for her confidence in the bank and also restate that we are committed to being of even more service to the State anytime the opportunity of financial empowerment/ inclusion of the citizens of the state arises.

"In order to further improve services rendered by the bank, virtually all the staffs were trained both internally and externally while deserving committed staff were promoted in order to boost morale.

"This is indicative of the resolve of the bank to maintaining a professional work environment as well as a commitment to the Vision and Mission Statements of the bank," Banu stated.

"Our customer base grew from 17,344 in 2016 to 18,163 in 2017 and active savers increased marginally from 17,163 in 2016 to 17,344 in 2017.

"A further notable result is that shareholders fund grew by five per cent from N101.9million to N106.3million in 2017. It is worth to note that following the approval of the 2017 accounts, the bank's shareholders fund stood at N106.3million.

"This development, with respect to shareholders fund positions the bank well in her bid to meet the new N200m shareholder's fund requirement for unit microfinance banks by CBN come April 2020," he said.

The Managing Director of the bank, Mr Abayomi Ajayi commended the customers of the bank for partnering with them.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ibrahim Mohammed     KWAFFA     Fulani     Code Of Conduct Tribunal     N-Power     Tsaragi/Share     Sobi Specialist Hospital     Yeketi     Shehu Jimoh     Nigeria Computer Society     Idowu Aremu     Afolabi-Oshatimehin     Yusuf Mubarak     Bamidele Adegoke Oladimeji     Adebayo Salami     Sa\'adu Salahu     International Public Sector Accounting Standards     Niyi Ogundiran     Offa Descendants Union     Alagbado     Arinola Fatimoh Lawal     Kwara State Coalition Of Business And Professional Associations     Paul Olawoore     Mary Arinde     College Of Education     Erubu     Abdulwahab Oba     Suwa-Arabs     Agboola Babatunde     Ibrahim Labaika     Shaaba Lafiagi     Bibire Ajape     Abdullahi Saadudeen Alikinla     Balogun Fulani     Galadima     Quarry Royal Valley     Prince Bola Ajibola     Zulkifli Ibraheem     Tunde Akanbi     Tunde Idiagbon Road     Nurudeen Muhammed     Kwara State Polytechnic     Omotoso     Femi Ogunsola     Emir Of Ilorin     Ajia-Bako     Y.A. Abdulkareem     Sadiq Umar     KwaraLearn     Abdulmumini Jawondo     Demola Banu     RTEAN     Yakub Lai Gobir     Muhammad Toyin Sanusi     Ilesha Gwanara Road     Adedeji Onimago     Rihanat Ajia     Nagode     General Hospital, Offa     Zulu Gambari     Prince Mahe Abdulkadir     Al-Adaby     Just Law Forum     Baba-Isale     Ministry Of Women Affairs And Social Development     Donatus Ejidike     MMWG     Alao Ayotunde     Kwara Pdp     Kwara State Sports Commission     Muhammed Mahe Abdulkadir     Bayo Ajia     Countryside Emerging Leaders Fellowship     Olatunji Ayeni     All Peoples Party     School Of Nursing     Omar Bolaji Gambari    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Alabere     Mohammed Abdulahi     Garba Idris Ajia     Kwara State Coalition Of Business And Professional Associations     Bilikisu Gambari     KWASSIP     Yekini Adio     Tunji Moronfoye     Bareke     Baaziki Sulaiman     Iponrin     Oba Mogaji Abdulkadir     Olokoba Sulyman     Lateef Ademola Olatunji     Yakubu Dogara     Oko-Erin     Abegunde Goke     Hassan Taiye Salam     Ibrahim Labaika     Hakeem Idris     Orisa Bridge     Bayo Lawal     Olusin Of Ijara Isin     Bello Oyedepo     Deji Ajani     Saka Isau     Rex Olawoye     Sulaiman Gado     Ibrahim Abdullahi     AbdulRaheem Ahmad Shayi     Lawal Arinola Kudirat     Isiaka Danmeromu     Tunji Arosanyin     Lateef Alagbonsi     Sam Onile     Crystal Corner Shops     2017 Budget     Federal Polytechnic Offa     Hydro-electric Power Producing Areas Development Commission     Tafida Of Ilorin     Shonga Farm Project     Ganmo Power Sub-Station     Elekoyangan     Isiaq Khadeejah     Hijab     Ganiyu Abolarin     Sa\'adu Salau     Ahmed Bayero     JAMB     Ilorin Metro Park     Michael Nzekwe     Abdulraheem Yusuf     Awili Pedro     Countryside Emerging Leaders Fellowship     Alabe     Pilgrims Board     Tunde Yusuf     Sardauna Of Ilorin     IYA YUSUF     Kazeem Gbolagade     Kola Shittu     Abdulwahab Olarewaju Issa     Kwara North     Ejidongari     Kawu Baraje     Ibrahim Akaje     Zubair Folorunsho Erubu     Abatemi Usman     Kamaldeen Gambari     MMWG     Abdullahi Atanda     Yusuf Abubakar     Gabriel Fashanu     Iyabo Adisa Ibiyeye     Amule     Vishvas KOZ Tractors     Pakata