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Microfinance bank grows customer base to 380,000

By Ijeoma Thomas-Odia
26 September 2018   |   1:49 am
The management of NPF microfinance Bank has received commendations for observed efficiency and transparency in operations, which have resulted to increased customer base at more than 380,000.

The management of NPF microfinance Bank has received commendations for observed efficiency and transparency in operations, which have resulted to increased customer base at more than 380,000.

Former Inspector General of Police and founding father of the microfinance bank, Aliyu Attah, who gave the commendations during the lender’s 25th anniversary Gala night in Lagos, recalled how he perfected the process that led to establishment of the bank.

He said that about 70 per cent of the customers are members of its primary constituency- the Police, paramilitary, Prisons, Immigration and Customs, while the remaining 30 per cent of that account for the members of the general public.He added that the bank is open to the entire country, as several branches have been opened in various state capitals.

Rachel Isimenmen Iyamabo, who held forth as chairperson after Attah’s retirement, added: “With the pioneer staff of the bank, we have been able to bring the institution to its present enviable position as the leading and most successful microfinance bank in the country.

“As the first Chairman of the bank in August 1993, I declined taking salary and my reason for this was to help police officers and their wives benefit from the meager resources of the bank at that time. Police officers, their families could go to the bank and take loans to run their petty trading”.

Also speaking at the forum, Chairman of the bank, Azubuko Joel Udah, said that with a start-up capital of N500,000, less than 10 workers and a single branch, the bank has metamorphosed into a market leader, with 28 branches spread across the six geo-political zones of the country and staff strength of more than 500. The chairman also commended efforts of the founding father of the bank, whose vision and foresight has impacted the financial sector of the economy.

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