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.

Ajakaye     Garba Ado Sanni     Ibrahim Abdulqadir Abikan     New Nigeria People’s Party     Abdulkadir Bolakale Sakariyah     Just Event Online     Alapansapa     Noah Yusuf     Tafida Of Ilorin     Alabi Olayemi Abdulrazak     Dauda Adesola     Saadu Gbogbo Iwe     Pategi     Ibrahim Sulu Gambari     Adeleke Ogungbe     Aminu Adisa Logun     Ijagbo Health Centre     Ilota     Abdulmalik Bashir Mopelola Risikatullahi     Ohoro Of Shao     Baruba     Akande Idowu Ayoola Muhammed     Gabriel Fashanu     Sunday Popo-Ola     Irepodun     Oniyangi Kunle Sulaiman     Saadu Alanamu     Tinubu Legacy Forum     Pakata Patriots     Olaiya Victor Mobolaji     Kwarareports.com     Abdulrahman Abdulrazaq     Nigeria Governors\' Forum     Bolakale Saka     Abdullahi G. Mohammad     Abdulraheem Olesin     Issa Manzuma     Bisi Oyeleke     Basic Education Certificate Examination     Asa     Modibo Kawu     Michael Ologundea     Ilorin     Mohammed Katsina Ahmed     Daud Adeshola     Maryam Nurudeen     Teachers Specific Allowance     Usman Rifun     Ahmad Olayiwola Kamaldeen     Offa Grammer School     EFCC     Segun Abifarin     Buari Edun     Kwara United     Moses Adekanye     Odolaye Aremu     Mumeen Lah     Yeketi     UNIFEMGA     Mustapha Akanbi     Kwara State Infrastructure Development Fund     Bareke     Roheemat Hammed     Iponrin     Millennium Development Goals     Kwara 2015     Ubandawaki     Olokoba Abdullahi Ayinla     Alabi Lawal     Sardauna Of Ilorin     Moronfoye     Iyaloja-General     Road Transport Employers Association Of Nigeria     Olusegun Adeniyi     ASUU     Tunde Kazeem     Imodoye Writer’s Enclave    

Cloud Tag: What's trending

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

Amoyo     Gbenga Adebayo     Biliaminu Aliu     Ayotunde Emmanuel Alao     Kale Belgore     Gobir Organization Foundation     Ilorin.Info     Park     Ekiti     Mohammed Tunde-Jimoh     Doyin Group     Abatemi Usman     John Olobayo     Folorunsho Erubu     Maigida     Ilorin Like-Minds     Dan-Kazeem     NURTW     Oba-Solagberu     TESCOM     Musa Abdullahi     Yomi Adeboye     Demola Banu     Tafida Of Kaiama     Kazeem Oladepo     Muazam Nayaya     Igosun     John Kehinde Salako     Azeez Salawu     Bashirat Bola Bello     Taofik Abdulkareem     Monsurat Omotosho     AGM Professional Services     Monthly Sanitation Exercise     AbdulHakeem Ajibola Akanbi     Sa\'adatu Modibbo-Kawu     Muhammed Mahe Abdulkadir     Wahab Agbaje     Doyin Awoyale     Mahfouz Adedimeji     Suleiman Mora Omar     Muritala Awodun     Adesina Simon Sodiya     TIIDELab     Siraj Oyewale     Yemi Osinbajo     Issa Oloruntogun     Abubakar Atiku     Samuel Adedoyin     Osuwa     Yashikira     Economic And Financial Crimes Commission     Maryam Ado Bayero     Adolescent Girls Initiative For Learning And Empowerment     Alumni Association Of The Federal Polytechnic Offa     Ola Falade     Bankole Omishore     Sobi     Ishola Abdullahi     Sidikat Akaje     Dar-Al-Handasah Consultants     Abdullahi G. Mohammad     Ahman Pategi     Zaratu Umar     Kuliyan Geri     Alabe     Elections     Lai Mohammed     Mahmud Babatunde Baker     Ahmed Mohammed Rifun     Abdullahi Dasilva Yussuf     Bayer AG     Shade Omoniyi     Mamatu Abdullahi     Aminat Ahmed     Okasanmi Ajayi     Abubakar B.M