Nigeria's first microcredit bank reaches 102,000 customers

from All Africa

Leaders of the Integrated Microfinance Bank Limited reached a milestone and took the occasion to promote their company. - Kale

The management of Integrated Microfinance Bank Limited (IMFB), last week announced that it has grown its customer base to over 102,000 just as it restates commitment to poverty alleviation in the country.

Mrs Titilayo Osinubi, head, legal counsel, IMFB, who disclosed this development noted that the bank is committed to poverty alleviation in the country through economic empowerment of the masses by ensuring easy and accessible banking transaction for the poor. The bank does this through its concept of 'banking at your doorstep', capacity building for the people and adequate financial, technical and moral support for the community.

The bank, which is the first to get state license to operate microfinance banking in any state of the federation from the Central Bank of Nigeria (CBN), currently has over 37 business offices with 10 full-fledged banking branches. The bank now operates in Lagos, Oyo and Ogun States respectfully.

Mr Simon Akinteye, managing director and chief executive officer of the bank said the bank's policies were anchored on the concept of value added to help elevate Nigerians from the inhuman cycle of poverty. "We aim at filling and integrating the un-banked and the under-banked to the formal financial system", he added.

According to him, "We are committed to economically empowering the poor by ensuring that they continuously have access to micro loans and financial support. This, we do through innovative products development by highly motivated workforce while remaining socially responsible. We intend to be the leading micro finance institution in Africa".

He stressed that, living up to its image as a corporate social responsible citizen means working for the cause of poverty alleviation according to the cultural values of clients. IMFB recently introduced a poverty alleviation programme based on the poverty reduction policy of interest-free based product called Shariah compliant products.

The scheme, according to Mr Akinteye, is for the benefits of Nigerians, who, for ethical and religious reasons, shun the interest driven poverty alleviation programs offered by conventional microfinance institutions and governments.