FINCA Microfinance strengthens agency banking business
FINCA Microfinance Bank Limited has strengthened its agency banking business, which grew from three pilot agents to 20, and now serving 20,700 active clients in just one year.
The lender, which is part of a group of 21 microfinance and financial institutions that provides responsible financial services for low in-come entrepreneurs and small business owners to invest in the future, is now celebrating one year of unlimited access to reliable and secured financial services.
Under its FINCA Impact Finance Network, the bank, with over 30 years of experience and mostly local staff of over 10,000, said it is committed to delivering services under a double bottom line of sustainability and social impact.
According to the bank, the success is riding on the back of its premier product- FINCA eXpress launched in Owerri, Imo State, last year, which has emerged Nigeria’s first successful agency banking model at the microfinance level.
The Chief Executive Officer of FINCA MfB, said FINCA is an institution with in-depth knowledge of micro-financing using unconventional approach in providing reliable and secured access to financial services- a force behind FINCA eXpress.
He expressed gratitude to Enhancing Financial Innovation and Access, a United Kingdom-funded financial sector development organisation that promotes financial inclusion in Nigeria for its support, as well as MasterCard Worldwide.
The Chief Executive Officer of FINCA MfB pointed out that FINCA eXpress has greatly removed the barriers to access to financial services which 56 percent adults in Nigeria face.He said the bank would soon extend the platform to non-FINCA clients and launching of other technology-based solutions, having made great strides in its two years of operation, reaching more people with critical financial services.
With over 20,700 clients, it has mobilised cumulative deposit of over ₦1 billion in voluntary savings, while clients have accessed over ₦4 billion in loans.Ifeoma Thaddeus of Taddy G Ventures, one of the pioneer FINCA eXpress agents, expressed gratitude for the opportunity given to her to support her husband with the commission earned through agency banking.
“It is a thing of joy that I am now an employer of labour as a result of the commission earned.“I employed a sales girl for my primary business, while I focus on the agency banking. My reputation in the market has increased and FINCA is now the people’s bank in Owerri,” she said.
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