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.