FINCA’s loan portfolio hits N520m in one year

With over 13,000 customers in one year of its operations, FINCA Microfinance bank has recorded an active loan portfolio of over N520 million.

Chief Executive Officer of FINCA Microfinance bank, Philip Takyi, while speaking at an event to commemorate the bank’s one year of operations in Nigeria, said: “FINCA is a global leader in microfinance serving over 1.8million clients worldwide. Founded 30 years ago, FINCA is a pioneer of the modern microfinance industry and has been recognized throughout its history for innovation, efficiency, ethical practices, and an uncompromising focus on social performance.

“In Nigeria, FINCA started operations with simple but innovative financial solutions – savings, term deposits, micro insurance, funds transfer and loan products – to help our clients effectively manage their money, save for the future or grow their micro-businesses”.

According to him, the financial institution’s services are accessed through an efficient branch and non-branch network, with an expansion plan to other states in the near future.

Highlighting the bank’s achievements in the last one year, Takyi said: “Over the past one year, FINCA microfinance bank has made great strides in providing access to financial services to the people of Owerri. We have over 13,000 happy clients, an active loan portfolio of over ₦520million, over ₦100million in voluntary savings, we also offer micro insurance to our clients for loan repayment in the case of unfortunate pass on of the client and we now have over 120 employees from across the six geo-political zones of the country.

“Our branch network is growing, with one branch at inception, now we have opened the second branch with CBN’s approval, we emerged winner as the “Microfinance Bank of the year 2015”, while in terms of community engagement and social responsibility which is in line with our mission and brand positioning of “Building Tomorrow Together”, FINCA has been fully engaged with the community where we operate”.

He however noted that the success of its operations in 2015 can be attributed to consumer loyalty and diligent workforce as well as an effective regulatory environment.