By Matthew Denis
The management of KCMB Microfinance Bank Limited, llorin, Kwara State has recorded a boost in its performance as its shareholders’ fund has risen from N101.9 million in 2016 to N106.3 million in 2017.
The Chairman, Board of Directors, KCMB, Alhaji Demola Nurudeen Banu made the disclosure during the 5th Annual General Meeting of the bank held in Ilorin, on Monday.
He declared that the bank’s performance has remained positive.
He said, “To this end, our key performance indicators remained positive. Our customer base grew from M17,344 in 2016 to N18,163 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 5 per cent from N101.9million to N106.3million in 2017. It is worthy of 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 shareholders’ fund requirement for unit microfinance banks by Central Bank of Nigeria come April 2020.
“The Bank in 2017, enjoyed state governments patronage when we were 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 staff 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 on maintaining a professional work environment as well as commitment to the Vision and Mission Statements of the bank,” Banu stated.
Customers of the bank, who spoke at the event, commended the management and staff of the bank for excellent performance, saying that different loan schemes given to them have put smile on their faces.
The customers said the bank has contributed immensely to the economic development of the state, adding that the financial institution has contributed to the growth of their businesses.
Also speaking, Mallam Abdulrahaman Jaji explained that Small and Medium Scale Enterprises have access to quick loan compared to bigger banks.
The Managing Director of the bank, Mr Abayomi Ajayi commended the customers of the bank for partnering with them.
