By Mumini Abdulkareem
An Ilorin-based microfinance bank, KCMB, has assured shareholders and
stakeholders in the state that it will continue to provide products
and services geared towards customers’ satisfaction even as it said it
will continue to provide requisite atmosphere for loan assessment for
Kwarans.
The Chairman, Board of Directors of KCMB, Olusoji Oyawoye gave the
assurance on Tuesday in Ilorin during the bank’s Annual General
Meeting (AGM) and presentation of annual report and financial
statement for 2018, held at NOKTEL Resorts.
Speaking on the future outlook for the bank, Olusoji revealed that
plans are in top gear to finalise the application for increase in
shareholders fund adding that the bank is in line to meeting the N200m
shareholders fund for tier one unit microfinance banks by 2021in
accordance with the Central Bank of Nigeria (CBN) regulations.
He reiterated the bank’s commitment to financial inclusion for all
citizens of Kwara State to economically empower the poor masses who he
described as enterprising populace.
Olusoji further assured the stakeholders and shareholders of the
bank’s focus to ensure that every economically active person is given
opportunity to access loans for business growth and empower a large
population of hitherto actively poor Kwarans.
Describing 2018 as a particularly challenging year leading to
businesses struggling to survive, KCMB, Olusoji noted has continued to
strive towards fulfilling its vision to be a reference point for
operation excellence and the mission to enhance the entrepreneurial
potential of small and medium business through best practices.
“The global economic overview in 2018 was really turbulent as we
experienced instability in many areas of which the most affected were
the micro-entrepreneurs who are our major customers.
“In spite of this, KCMB was able to exploit her resilience to rise to
the challenge and thrive as evident in increase in retail business. To
this end, a few of our key performance indicators remained positive
with the exception of few.
“The outlook for the year 2019 is however on the upwards swing
following determined efforts geared towards recovery of non-performing
loans. This has led to shareholders calling for additional injection
of N40m in order to meet the minimum statutory capitalisation of N100m
as tier one unit microfinance bank by the CBN, April 2020 which is
already oversubscribed.
“In order to further improve services rendered, virtually all staff
were trained both internally and externally while committed ones were
promoted to boost moral.
The Chairman however appreciated the Kwara State Government for the
confidence reposed in the bank while also restating its commitment to
partnership with the government in its efforts at financial
empowerment/inclusion of citizens.
