Accion Microfinance Bank Ltd reaffirms commitment to economically empowering microentrepreneurs and low-income earners in a sustainable, ethical, and profit-making manner.
The MD/CEO of the bank, Mr Taiwo Joda, announced this recently at the Annual Accion Microfinance Bank Financial Inclusion Seminar in Lagos.
While speaking on the theme ‘Enhancing Financial Inclusion: Leveraging Digital Literacy, Products, and Services,’ Joda stated that financial inclusion, a fundamental human right, is about providing every individual, regardless of socioeconomic status, with access to affordable and convenient financial services.
Accion Microfinance Bank is unwavering in its commitment to this noble cause, with a mission to economically empower micro-entrepreneurs and low-income earners in a sustainable, ethical, and profitable manner.
“Our strategy is based on harnessing the revolutionary force of the digital revolution by using digital literacy, products, and services. Enhancing digital literacy, presenting a variety of digital products and services, and developing Fintech collaborations for new solutions are among the steps implemented,” he stated.
The bank’s objectives, according to Joda, are twofold: first, to inspire innovation by sharing practical knowledge gained during our decade of operations, and second, to foster collaborative learning for influencing policies, particularly in the responsible provision of digital financial products and services.
“While we are pleased with our progress, we recognize that much more work need to be done. We are poised for the challenges and opportunities that lie ahead, driven by our mission, inspired by our customers, and guided by the belief that financial inclusion is not just our responsibility, but our privilege,” he said.
The Group Managing Director of LAPO Microfinance Bank Limited, Dr. Godwin Ehigiamus, and one of the event panelists discussing on measures to improve financial inclusion, stated that increasing digital awareness through education can assist to address the financial inclusion gap in society.
“In my opinion, the government should include digital skills in the curriculum for adult education. For the operators, both the technology and financial sectors can pass on these fundamental digital skills to them throughout the hiring process.
“They should do it not only for the sake of their clients, but also for the institution’s long-term viability and growth,” he stated.
Accion Microfinance Bank and Justrites Superstore, a prominent e-commerce company, recently formed a strategic alliance to provide clients a quick and accessible buy now, pay later solution.
This agreement will begin in December 2023 and will allow clients to purchase goods from any of Justrites’ 23 locations, subject to Accion MFB’s creditworthiness approval.
The Memorandum of Understanding was signed at Accion’s corporate office in Lagos, where the Managing Director, Taiwo Joda, expressed his excitement for the collaboration.
He emphasized that this arrangement will provide customers with much-needed financial assistance, allowing them to purchase vital groceries and products that match with their goals.
“This BNPL solution empowers both existing and new Justrites customers with the financial flexibility to shop for their desired products and make payments conveniently within a 30-day window,” Joba went on to say.
“We will carefully evaluate each customer’s creditworthiness through our proprietary algorithms.”
Joba elaborated on the evaluation process, saying, “We will evaluate individual customers’ financial history, creditworthiness, and willingness to repay. These elements will be combined to produce a credit score.”
Interested customers are expected to have an account with Accion MFB before they can access the loan facility.
