HASAL Microfinance Pays Shareholders N200m Dividends

HASAL Microfinance Bank, an Inclusive Finance has paid out more than N200m in the last three years to its shareholders. The Managing Director of the bank, Mr. Rogers Nwoke while assuring the shareholders that the bank would continue to guarantee value to all investors, confirmed that Hasal in the last three years had been returning 40 Kobo for every ordinary share held.

The Bank’s Customer Multi-Purpose Cooperative Society, which was established in 2013 with over 200 members, has grown into a big mutual cooperative availing its members liberty to access business support funding from the bank at group and individual levels and at a reduced interest rate.

The decision to form a Customer Multi-Purpose Cooperative Society, Nwoke said, was part of the bank’s Social Performance Initiatives aimed at making micro-business owners/entrepreneurs part owners of a thriving institution in order to ensure they are part of the banks’ success as this avails customers the opportunity to grow their business as the bank is growing.

The Managing Director further stressed that, when the bank launched HASAL MFB shares, “the Board and management felt it was important to give customers the opportunity to become shareholders of the bank. Today those customers who purchased our shares have received millions of Naira in dividend for three years in a row”.

The founding President of the HASAL Customers’ Multi-Purpose Cooperative Society, Mr. Pascal Emenyonu stated his confidence and that of his members on the bank. “We believed three years ago that the money we were investing in the bank will yield results, and today our expectations has been realistic because we have earned dividends consistently in the last three years.

He also added that “the level of integrity and competence of the management team gives us the assurance that the capacity of the bank can only get better, so our members have decided to keep reinvesting for our benefit and that of the bank”.

Similarly, Mr. Christian Eze, a customer of the bank for six years and also a shareholder within the cooperative scheme explained that he became a member of the cooperative because he believes in the bank and he is happy with the way HASAL provides financial services to the poor.

Mr. Eze further added that the cooperative is “making arrangement to start fish farming.

“This is where being a bank shareholder is very good, we are accessing loans from the bank to be able to finance the business as well as capacity building in the form of training.