Media Center
ACCION Microfinace Bank unveils identity, targets 10m entrepreneurs
ACCION Microfinance Bank has unveiled its corporate identity, aimed at supporting low income earners and micro entrepreneurs by assisting them with the provision of ...
Leading micro-finance bank in Nigeria to cater for the deprived
Mrs. Bunmi Lawson, managing director/CEO, Accion Microfinance Bank Limited in this interview revealed how the bank intends to empower Small and Medium scale Enterprises (SMEs) ...
PRESS RELEASE DELIVERED BY MRS. BUNMI LAWSON, MANAGING DIRECTOR/CEO, ACCION MICROFINANCE BANK TO HERALD THE COMMENCEMENT OF THE OFFICIAL OPENING CEREMONY OF ACCION MICROFINANCE BANK ON THURSDAY, JULY 5, 2007 AT CITY MALL, ONIKAN, LAGOS
My Future Is Bright! We welcome you all to this historic occasion marking the official opening of ACCION Microfinance Bank this Thursday, 5th day of July, 2007 by the Governor of Central Bank of Nigeria, Professor Charles Soludo. You are today witnesses to the establishment of your microfinance bank of choice geared towards a sustainable economic empowerment in our beloved country, Nigeria.
It is generally known all over the world that robust economic growth cannot be attained without putting in place well focused programmes and structures to reduce poverty, improve living standards and engender socio-economic growth. In Nigeria as in many developing countries, a systematic approach and a well articulated programme through the provision of credit facilities and financial services to low income earners and micro entrepreneurs is the panacea to socio-economic growth. This is the goal of ACCION Microfinance Bank in Nigeria!
With this burden on our hearts to positively touch lives of the erstwhile financially deprived and major segment of the populace, ACCION Microfinance Bank has drawn from all works of life, all over the world, as you are witnessing today, key players in the financial services industry, the regulators and other stakeholders and its target market as co-promoters of this vision.
Who Owns ACCION Microfinance Bank
ACCION Microfinance Bank prides itself as a unique organization with select ownership structure of distinguished, result oriented and service driven corporate entities. The shareholding structure of ACCION Microfinance Bank is as follows:
• ACCION Investments: ACCION Investments in Microfinance, SPC was established to provide equity and quasi-equity financing to microfinance institutions worldwide and is a Boston based investment arm of ACCION International. ACCION International has been in the microfinance business for well over 40 years and partners with more than 30 microfinance organizations throughout Latin America, the Caribbean, Asia and Africa, as well as serving U.S. micro-entrepreneurs through the U.S. ACCION Network. In 2006, ACCION and its partners served more than 2 million active borrowers and since 1996 loaned $9.4 billion to more than 3.97 million people.
ACCION today is one of the premier microfinance organizations in the world, with a network of lending partners that spans Latin America, the United States and Africa. Over the last four decades, ACCION has built a tradition of developing innovative solutions to poverty.
• NIB (Citigroup): Citigroup through its subsidiary, Nigeria International Bank Limited (NIB) has had a presence in Nigeria since 1984. The bank offers a broad range of services to corporate and commercial customers, financial institutions (including other banks) and public sector organizations. In 2004, NIB achieved the very significant milestone of being in operation for 20 continuous years, since the opening of its first branch in September 1984. Citigroup is a global bank with strong presence in Africa, Asia – Pacific, Central America/Caribbean, Europe, Middle East, North and South America and has won many awards of excellence in areas of banking and financial intermediation.
• Ecobank: Ecobank is the leading independent regional banking group in West and Central Africa serving wholesale and retail customers. It has a network covering 18 countries namely: Benin, Burkina Faso, Cameroon, Cape Verde, Central Africa, Côte d’Ivoire, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sao Tome, Senegal, Sierra Leone, Chad and Togo, with plans to establish presence in East and Southern Africa. The Group has a network of over 320 branches and offices established in the last nineteen years. Ecobank Transnational Incorporated (ETI) the parent company of the Ecobank Group plays a central role in the definition and implementation of common policies and standards on the basis of a “one bank” concept across the group’s network.
• International Finance Corporation: The International Finance Corporation is the private sector arm of the World Bank Group. IFC provides loans, equity, structured finance and risk management products, and advisory services to build the private sector in developing countries. IFC invests in enterprises majority-owned by the private sector throughout most developing countries in the world including: Sub-Saharan Africa, East Asia & the Pacific, South Asia, Europe & Central Asia, Latin America & the Caribbean, Middle East & North Africa.
• SME Managers Limited (SME Partnership I & II): SME Managers is a highly liquid venture capital company with over $30 million equity and debt financing. SME Managers Limited is a member of the Africa Capital Alliance Group and currently manages over 35 strategic investments in key sectors of the economy (including investments in ACCION Microfinance Bank). It is basically established to make equity and equity- related investments.
• Zenith Bank Plc: Zenith Bank remains outstanding with several awards of excellence and a clear leader in terms of profitability, assets base, branch network, quality service and overall performance. With the Bank’s 6,000,000,000 (six billion) ordinary shares of 50 kobo each listed on the Nigerian Stock Exchange on October 21, 2004, Zenith Bank Plc achieved yet another milestone when it raised N53.63bn in February 2006 a Public Offer of 3,000,000,000 (three billion shares); one of the largest amount in the history of the Nigerian Capital Market.
ACCION Microfinance Bank is a product of a strategic alliance of the above six distinguished companies with these intimating credentials! Our Future Is Bright!
The Company
ACCION Microfinance Bank Limited is registered with the Corporate Affairs Commission in May 2006 to carry on microfinance banking business and was granted an operating license by the Central Bank of Nigeria in April, 2007. Our management team comprised seasoned and distinguished professionals. Our management team is ably complemented by the expertise of our technical partners, ACCION International.
Our Operations
As a part of our strategic marketing approach, ACCION Microfinance Bank Limited commenced its pilot programme (market testing) in April 2007 for six months. During this period, we are testing all our processes and procedures as it concerns the peculiar marketing environment obtainable in Nigeria. At the end of this period which coincides with this launch, we are committed to expanding our services and reaching large numbers of micro entrepreneurs.
We operate from our head offices situated at the Fabac Centre, 3b Ligali Ayorinde Street, Victoria Island, Lagos and our first branch is located at 7 Sanusi Olusi Street, Oke-Arin, Lagos. We are currently on the verge of opening 8 more branches strategically located within the Lagos metropolis.
In the next few years, what you see evolve from a single branch microfinance institution will produce a mega bank providing finance to millions of micro enterprises and increasing their income thereby enabling our clients say with conviction My future is bright!