A global non-profit network that provides financial services to underprivileged populations, Accion Microfinance Bank is a microfinance institution with its headquarters in Nigeria. In order to offer financial services to Micro, Small, and Medium-Sized Enterprises (MSMEs) in Nigeria, the bank was founded in 2006.
How much capital has Accion Microfinance Bank actually lent? The bank lent MSMEs in Nigeria a total of N45.4 billion ($112.2 million), according to its financial report for the year 2020. This is a 14% growth over the N39.8 billion ($98.2 million) total loan portfolio from the prior year. The report also reveals that in 2020, the bank generated a net profit of N2.6 billion ($6.4 million) on a total asset base of N37.8 billion ($93.2 million).
Accion Microfinance Bank investors have the opportunity to profit from interest on their investments. The bank provides a range of competitively-interested investment choices, such as fixed deposits, savings accounts, and treasury bills. Dividends from the bank’s earnings are also available to investors.
What does Accion Microfinance Bank do next? The bank offers loans, savings, insurance, and advisory services to MSMEs in Nigeria, among other financial services. To make banking easier for its consumers, it also provides digital banking products like mobile banking and online banking.
The type of loan and the length of repayment affect the interest rate at AB Microfinance Bank. For instance, the bank’s SME loan has an interest rate range of 5% to 8% annually, whereas its individual loan has an interest rate range of 4% to 6% annually. Both loans have up to 24 months to repay them.
How can I obtain a loan from a microfinance bank in Nigeria taking this into account? In order to obtain a loan from a microfinance bank in Nigeria, you must be eligible for one and present the necessary paperwork. Having a business or other source of income, being a citizen of Nigeria, and having a guarantor are frequently required qualifications. Valid identity, records of company registration, bank statements, and tax clearance certificates are just a few examples of the documents that may be needed. To submit an application for a loan, go online or stop by a local branch of the microfinance bank.
Last but not least, Accion Microfinance Bank has made sizeable loans to MSMEs in Nigeria, and investors can profit from the interest on their investments. The bank offers attractive interest rates on its loans and investments while offering a variety of financial services to its clients. In order to obtain a loan from a microfinance bank in Nigeria, you must be eligible for one and present the necessary paperwork.
I regret to inform you that the post “Accion Microfinance Bank: How Much Money Has It Lent?” does not provide any information about the accuracy of credit scores. It solely focuses on the lending activities of Accion Microfinance Bank.
Typically, a credit score below 600 on a scale of 300 to 850 is seen as having poor credit. This reveals a history of missed or delayed payments, defaults, collections, or other bad credit habits. When applying for loans or credit cards, having a low credit score might make it more challenging and, even if you are approved, result in higher interest rates and fees.