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.

Seed Technologies     NULGE     Abdullahi Biffo     Abubakar Abdullahi Bata     Mumini Ishola Hanafi     Usman Alkali Baba     Share-Tsaragi     Tunde Oyawoye     Hassan Taiye Salam     Shaykh Luqman Jimoh     David Oyedepo     Ibrahim Abdulqadir Abikan     Bashir Badawi     Kola Olota     Abdulrosheed Okiki     Harafat E. Mukadam     Markaz Arabic And Islamic Training Institute, Agege     Ilorin Amusement Park     Kunle Okeowo     Jawondo     Barakat Community Secondary School     Kwara Consultative Forum     Olubukola Kifayat Adedeji     Garment Factory     Sulyman Atolagbe Alege     Tayo Alao     Okeose Christian Cementary     Park     Lukman Adeloyin     Mohammed Yisa     Quran     Muslim Media Watch Group Of Nigeria     Afonja Descendants Union     Abdullahi Imam Abdullahi     Amusement Park     Bamidele Aluko     Gamji Members Association     Share/Tsaragi     Oloyede     Shaaba Lafiagi     Shehu Salau     Baba Idris     Saadu Yusuf     Radio SBS     Amoyo     Islamiya Abdulraheem     Taofik Mustapha     Code Of Conduct Tribunal     Ghali Alaaya     Olosi Of Osi     Abdulmajeed Wahab     Government High School (GHS), Adeta     Sunday Otokiti     Emir Of Ilorin     Nigeria Computer Society     Government High School Adeta     Shuaib Jawondo     KWASEIC     Monsurat Omotosho     Popo-Igbonna     Labour Party     Ibrahim Abikan     Salihu Jibril Garbi     Ramat Oganija     Centre For Digital Economy     Tanke     Bolaji Abdullahi     Ibraheem Abdullateef     Suleiman Mora Omar     Bello Abubakar     Raliat AbdulRazaq     Mohammed Haruna     Musa Ayinla Yeketi     Ajibola Saliu Ajia     Oba Abu     Saliu Alamoyo     CCB    

Cloud Tag: What's trending

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

Ogidi-Oloje     Memunat Monsuma     Abdulkadri Ahmad Alaiye     Malete     Federal Neuro-Psychiatric Hospital     Razaq Atunwa     Olofa Of Offa     Oba Abu     Tosin Saraki     Binta Sulyman     Salman Alada     Iponrin     Akeem Olatunji     Bibire Ajape     Tanke Flyover Bridge     Ajayi Okasanmi     Dan-Kazeem     CUTI     Haliru Yahaya     Ike Ekweremadu     Abubakar Kawu Baraje     Ahmad Belgore     Towoju     Iqra Books     Joseph Offorjama     Yusuf Amuda Abubakar     Raliat AbdulRazaq     Kwara Basketball Association     ENetSuD     Ibrahim Taiwo     Adijat Adebiyi     Bond     Funmilayo Oniwa     Ella Supreme Tissue Paper     Garba Idris Ajia     Alagbado     Marufat Oladosu     Yusuf Abdulraheem     2017 Budget     Iliasu     Ilorin Emirate     Dele Belgore     Aishatu Ahmed Gobir     Seed Technologies     Yusuf Olaolu Ali     Oro Grammar School     Femtech     Kale Belgore     Yahaya Dumoye     Okanlawon Taiwo     Fola Consultant     Salihu S. Yaru     Abioye Bello     KWTV     Ashiru     Hakeem Idris     NYSC     Makama Of Kaiama     Yahaya Seriki Gambari     Sanitation Exercise     Okoolowo     Ita-Ore     Jimba Babatunde     Okiki     Kwara State Television (KWTV)     Sai Kayi     Sidikat Uthman Ajibola     Michael Ologundea     Olaoye B. Felix     Kuliyan Geri     Shuaib Jawondo     ER-KANG     Toyin Abdullahi     RTEAN     Zulu Gambari     Mahmud Ajeigbe     Jaiz Bank