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.

Ilorin Emirate Staff Association     Bola Ahmed Tinubu     Sulaiman Gado     Isiaka Danmeromu     Gaa Olobi     Gobir     Abdullahi Adisa Akodudu     Haliru Dantoro     Oyun     Junior Secondary School Certificate Examinations     College Of Education     GAMA     Kwara Primary Health Care Development Agency     Yekini Adio     Kolawole Akande     Kupchi Hosea Maxwell     Babatunde Ajeigbe     Abdulfatai Salman Baakini     Waziri Yakubu Gobir     Orisun Igbomina     Countryside Emerging Leaders Fellowship     Saka Abimbola Isau     Facebook     Awili Pedro     Ibrahim Taiwo Road     ITP     Ayekale     Kwara State Geographic Information Service     Alabe     Dan Iya     National Union Of Road Transport Workers     Kunle Akogun     Aisha Ahman-Pategi     Adanla-Irese     Ibrahim Abdulqadir Abikan     Rasaq Jimoh     Shaykh Luqman Jimoh     Joseph Alex Offorjama     Lanwa     Eruku     Goodluck Jonathan     Theophilus Oyebiyi     Adam Abdullahi Al-Ilory     Gbenga Awoyale     Kazeem Adekanye     ITEM 7     Arinola Lawal     Wahab Kunle Shittu     Igbaja     NTA Ilorin     Elese Of Igbaja     Wale Oladepo     Ahman Pategi     Afetu Of Alabe     Durbar     Shero     Eleyele     Abdulmajeed Abdullahi     Idofin     Amuda Bembe     Omar Bolaji Gambari     Photo News     Olosi Of Osi     Ganmo Power Sub-Station     Umar Saro     Fatimoh Lawal     Mary Arinde     Olupako Of Share     Oyedun Juliana Funke     Bolaji Abdullahi     Ahmed Idris Mohammed     Ojuekun     Abdulkarim Adisa     Yemi Sanni     Omoniyi     Bayer Nigeria Limited     Sidikat Akaje    

Cloud Tag: What's trending

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

Atunwa     Baba Issa     Hajj     Oniwa     Ibraheem Adeola Katibi     Magaji Erubu     Imam Gambari     Saliu Alamoyo     Roseline Oni Aremu     Kolo     Shao     Funmilayo Zubair     SUBEB     Elelu     Kwabes     Bolakale Saka     Veterinary Teaching Hospital     Abdulkadir Remi Hawawu     Chartered Institute Of Personnel Management Of Nigeria     Alagbado     Ayobami Seriki     Patience Jonathan     Salihu Jibril Garbi     Taofik Abiodun Ahmed     Mohammed Katsina Ahmed     Wahab Femi Agbaje     Gbenga Olawepo     Olawuyi     Tsado Manman     Sheikh Alimi     Mohammed Abduraheem     Yomi Adeboye     Unicontinental Construction Company     Alabe     Asa     Kwara Metro Park     Alliance For Democracy     Olatunji Bamgbola     Wasiu Odewale     Eleja     Bareke     Ilorin Anchor Men And Women     Bursary     Kanu Agabi     Ita-Ore     Galadima     Ibrahim Abiodun     Apaola     Suwa-Arabs     Lucky Omoluwa     Kwara University Of Education     ER-KANG     Summit University     Yusuf Lawal     Bio Ibrahim     Chief Of Staff     Ayodele Kuburat Olaosebikan     National Pilot     Olukotun Of Ikotun     College Of Health     AbdulRahman Saad     Ndama Al-hassan     Oye Tinuoye     Split Diamond Interchange     Maimunat Oloriegbe     Omoniyi M. Ayinla     Elerinjare-Ibobo     Aso Ofi     Abdulmalik Bashir Mopelola Risikatullahi     Forgo Battery Company Limited     Ibrahim Mashood     Olushola Saraki     Idi-Ape     Garba Idris Ajia     Kwara State Coalition Of Business And Professional Associations     Makama Of Kaiama     Musbau A. Akanji