Accion Disburses N61 Billion Loans to Boost SMEs in Nigeria

• Accion Disburses N61 Billion Loans to Boost SMEs in Nigeria

Accion Microfinance Bank said it has disbursed loans worth N61 billion to Small and Medium scale Enterprises (SMEs) since the company started operation in Nigeria.

The firm, incorporated in May 2006 and granted an operating licence by the Central Bank of Nigeria (CBN) in April 2007, disbursed N14.33 billion loans to 49,685 clients this year to make a total disbursement of N61 billion since inception, Managing Director, Bunmi Lawson, said at the bank’s yearly customers’ forum in Lagos.

Lawson was optimistic that despite the recession, the bank would expand into more states, launch products and provide employment in the coming year despite the slowdown in the economy.

The bank, which now has about 48 branches, Lawson stressed would strive to bring its services closer to users with the aid of technology and grass root agencies.

She said: “The number of (the bank’s) active loan customers closed at 46,152 in November from 43, 788 in 2015. Account opened also grew from 119,758 in 2015 to 142,261 in November 2016.”

One of the customers, who identified herself as Christiana Eshewa, said despite the economic slowdown, her business witnessed surge compare to last year.

Eshewa disclosed that she was able to diversify into other businesses because the bank had provided her with financial assistance.

But another businessman at the forum, Chigozie Inachegwu, lamented that dollar-naira disparity crippled his earning to all-time record.