Accion MFB Records 7.38% Increase in Customer Deposits, Grows Equity by 2.29%

Accion MFB Records 7.38% Increase in Customer Deposits, Grows Equity by 2.29%
Taiwo Joda MD Accion Microfinance Bank

Accion Microfinance Bank has recorded an increase in customer deposits of 7.38 per cent from N4.013 billion to N4.309 billion.

The bank also recorded a 2.29 per cent growth in its total equity from N5.246 billion in 2019, to N5.366 billion in 2020.

The bank said it also remains capitalised well above the N5 billion capital base required for a national microfinance bank by regulation by April 2022.

Speaking during the 15th Annual General Meeting for 2020 financial year, the Chairman, Accion Microfinance Bank, Mr. John Fischer, lauded the leadership and management of the bank for putting in place structures to reduce the effects of the pandemic on the staff and customers of the bank.

He also noted how the bank leveraged technology and optimised innovative solutions to improve customer experience and service.

In presenting the bank’s financial performance, Fischer hinted that the focus of the bank during the year under review was to help the bank’s loan clients to navigate the financial impact of the pandemic on their businesses.

Fisher posited that in order to help the bank’s customers navigate the financial impact of the pandemic on their businesses, there was extension of a grace period to 23,307 of its loan clients for a minimum of 90 days, while those in the educational sector got a grace period of at least 150 days.

According to him, “The bank waived interest for five months for loan clients in the educational sector which was among the hardest hit. The bank’s new business model driven by its digital migration increased the bank’s digital footprint across its major touch points.

“As a result, the bank was able to quickly adapt to the new normal and implement initiatives to support the customers’ businesses who continued to transact with the bank through the e-channels and other digital platforms.

“The bank will continue to accelerate investments on alternative channels for financial service delivery. The bank was in a position to provide the technical and practical resources necessary for its customers and other stakeholders to thrive during the year. “With the global economy in a rebound, amidst the resumption of economic activities, the future outlook is positive and bright as the bank remains committed to providing support to its customers and the community it serves.”

In his remarks, the Chief Executive Officer, Accion Microfinance Bank, Mr. Taiwo Joda, noted that the bank’s customers were particularly affected by the economic consequences of the pandemic, as they largely belong to the vulnerable segment of the society.


Please enter your comment!
Please enter your name here