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.

Abdulmutalib Shittu     Nnazua     Abdulmumini AbdulRazaq     Kehinde Boyede     Salihu Yahaya     Abubakar Ndakene     Abdulkadir Remi Hawawu     Salake     AbdulFatai Adeniyi Dan-Kazeem     Durosinlohun Kawu     Cornelius Adebayo     Sheikh Alimi     Moshood Mustapha     Alfa Yahaya Road     BIR     Olabanji Orilonishe     LEAH Charity Foundation     Adamu B. Yaqubu     Lanre Jimoh     Olokoba     Henry Olaosebikan     Ilorin Durbar     Modibo Kawu     Ajidagba     Ayobami Akanbi     Abdulkadri Ahmad Alaiye     State Bureau Of Internal Revenue     CKNG     HAMFAT Clinic And Maternity     Ishak Mohammed Sabi     Special Agro-industrial Processing Zone     Tunde Oyawoye     Owu Fall     Muritala Awodun     Gobir     Mohammed Yahaya Barki     Adebara     Omoniyi Ayinla     Muhammed Mahe Abdulkadir     Kwara     Ayodele Kuburat Olaosebikan     Otoge     Adama Isa     Oluwatoyin Lukman     Kale Belgore     Www.Kwarareports.com     Abdullahi Dasilva Yussuf     Abraham Ojo     Yakubu Danladi     Prince Sunday Fagbemi     Wahab Kunle Shittu     Amoyo     Eleja Taiwo Banu     Sulyman Tejidini     Samuel Elizabeth Keatswa     Ethical College     Olugbense     All Peoples Party     Oba Abdulkadir La\'aro     Isaac Aderemi Kolawole     Toyosi Thomas     Elerin Of Erin-Ile     Dar-Al-Handasah Consultants Ltd     Olofa Of Offa     Taofeeq Olateju     Yomi Ogunsola     Hassanat Bello     Doyin Agbamu     Ibrahim Akaje     Ijagbo     Taofik Abiodun Ahmed     Olaiya Lawal     Olatunji Moronfoye     Kwara TV     Sam Okaula     Alfa Belgore     Ilesha-Gwanara    

Cloud Tag: What's trending

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

Sa\'adu Salau     REO CAKES     Sobi Hill     Segun Ogunsola     Tunji Olawuyi     Special Agro-Industrial Hub     Mutawalle     Muhammed Akanbi     Buhari     Lithium Deposit     Kwara 2019     GGDSS Pakata     Chemiroy Nigeria Limited     Senate     ITEM 7     Afusat Nike Ibrahim     CACOVID     Galland Marcias     C2c@kwarastate.gov.ng     Oke-Odo     Veterinary Teaching Hospital     Titus Ashaolu     Garba Ayodele Wahab     Special Adviser On Digital Innovation     Millennium Development Goals     Akorede     Abdulmumini Sanni Jawondo     Vasolar     Abdulazeez Arowona     Kulende     KWSIEC     Rashidi Yekini     BECE     Muhammad Akande Olarewaju Odunade     Oyun     Ibikunle Ogunleye     Toyin Falola     08001000100     Gobir Organization Foundation     Ridwan Agboola     Hameed Oladipupo Ali     Kwara State Football Association     Iyeru Grammar School     NSCIA     Imam Gambari     Eghe Igbinehi     Mujtabah Bature     Raymond Olaitan     General Tunde Idiagbon International Airport Ilorin     Kwara Coalition Of Business And Professional Associations     Onilorin     Kolo     AbdulRazaq Jiddah     Rasaq Jimoh     Ibrahim Sulu Gambari     Ajuloopin     Shehu Salau     Clement Yomi Adeboye     Sheikh Hamzat Yusuf Ariyibi     Lawal Olohungbebe     Olushola Saraki     Oju Ekun Sarumi     Chief Imam Of Ilorin     Haruna Olawale Sulaiman     Is\'haq Modibbo Kawu     Doyin Group     Yemi Osinbajo     Segun Abifarin     TVC Female National Debate     Solomon Edojah     JAAC     Harmony Holdings     AGM Professional Services     Hassan Taiye Salam     11th Galadima     Mogaji Aare     Ballah