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.

Agboola Babatunde     Abdulazeez Uthman     Durosinlohun Atiku     Hussein Olokooba     Christian Association Of Nigeria     Abubakar Baba     Omotoso Musa     Abdulfatai Salman Baakini     Nigerian Medical Association     Adedipe     Bashiru Makama     Yusuf Abdulwahab     Isiaka Yusuf     Oko-Olowo     Taofik Abiodun Ahmed     Ayo Salami     Abdulbaqi Jimoh     David Adesina     Oluranti Idowu     Nigeria Computer Society     Hamza Usman     Atunwa     Kayode Yusuf     Unicontinental Construction Company     Jumoke F. Ajao     Senate President     Yashikira     Kamaldeen Ajibade     CCEPE     Opobiyi     Mubarak Oladosu     Bamidele Aluko     Adeola Abraham     Sai Kayi     Nagode     Femi Ogunsola     Mukhtar Shagaya     Rotimi Samuel Olujide     Sulaiman Gado     Rasheed Jimoh     Egbewole     Share     Olatunji Abdulmumeen     Olufolake Abdulrazaq     Young Progressives Party     Lola Olabayo     Kale Belgore     Odolaye Aremu     Undergraduate Bursary     CLAY POT     Ajakaye     Special Agro-industrial Processing Zone     Police Commissioner     FOMWAN     Tsaragi-Share     Vasolar Consortium     Government High School (GHS), Adeta     Al-Ilory     Tunji Moronfoye     Abdul-Rahoof Bello     Bayo Lawal     Abdulraheem Yusuf     AbdulQowiy Olododo     Lucky Omoluwa     Toyin Sanusi     3MTT     CACOVID     Ado Ibrahim     Abdullahi Biffo     Tunde Idiagbon Road     Innocent Okoye     General Tunde Idiagbon International Airport     Suleiman Mora Omar     Mufti Of Ilorin     Shade Omoniyi     Razaq Atunwa     Gbadeyan Gbadura Yomi    

Cloud Tag: What's trending

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

Oye Tinuoye     Awoye     Moses Rahman Popoola     Tope Daramola     Unilorin     Principal Private Secretary     Moshood Kashimawo Abiola     Yomi Adeboye     Ahmed Mohammed Rifun     Temitope Ogunbanke     Valsolar Consortium     Akande Idowu Ayoola Muhammed     Kwara Hotel     Oko-Erin     Wahab Agbaje     Radio Kwara     Henry Makinwa     PharmAccess Foundation     Face Masks     Erubu Oba Zubair     Jimoh Lambe Abdulkareem     Iponrin     Aminu Ado Bayero     Yusuf AbdulRasheed     Kwara 2015     Shehu Salau     Abdulganiyu Salahudeen     Lai Mohammed     Wasiu Odewale     Eleyele     Omu Aran     Ile Arugbo     Ibrahim Jawondo     Kwara State Fish Farmers Association     Iyeru Grammar School     Ibrahim Labaika     Abdulahi Abubakar Bata     Charcoal     Kale Bayero     General Hospital, Offa     Ben Duntoye     Sobi FM     Read With Me     Ileloke     Voices Of Tomorrow     Markaz Arabic And Islamic Training Institute, Agege     Sidikat Akaje     Ajidagba     Local Government     CACOVID Palliatives     Yaman     Adijat Adebiyi     Government Girls’ Day Secondary School Pakata     Ado Bayero     Sango-UITH Road     Federal Road Maintenance Agency     Arandun     Yinka Aluko     Igbaja     Offa Descendants Union     Kwarareports     Bankole Omishore     Salman Suleiman     Akume     Ijagbo Health Centre     Abdulwaheed Musa     Saidu Isa     Sheu Ndanusa Usman     Taofik Mustapha     Dan Iya     Law School Scholarship     Ajia-Bako     Ibrahim Abduquadri Abikan     Yusuf Ali     Unicontinental Construction Company     Peter Obi     The Herald