Follow Us on Google
Accion Microfinance Bank (MFB) has said that it would list on the floor of the Nigerian Stock Exchange (NSE) at the right time.
Speaking to Daily Sun over the weekend, Managing Director, Accion MFB, Taiwo Joda, said there is a huge opportunity in listing on the NSE and added that the bank’s listing on the Exchange would require the board and shareholders’ decision.
Joda noted that the bank have had several engagements with the Securities and Exchange Commission (SEC), the NSE as well as the FMDQ Exchange while adding that by the end of the year, the bank would have met the N5 billion capital base requirement fixed by the Central Bank of Nigeria (CBN).
He said, “I can assure you that at the appropriate time, the board will take a right decision as to what direction we are going to take. By the end of this year, Accion should have met the minimum requirement stated by the CBN, that is the N5 billion and so we are not under any pressure to raise funds to be able to meet the minimum requirement but that is not to throw away the opportunities the capital market will offer us but at the appropriate time, we will make the right decision”.
The Managing Director, thereafter, revealed that it plans to triple its current amount of customers.
“The impact of digitalisation has been in the area of huge scalibility as we have been able to attract more customers and so we have seen a geometric growth of customers acquistion over the years. In the first 7-8 years, we had about a 150,000 customers and within the years we have doubled that figure.
In the next three years, we plan to triple that figure and hope to move from the current amount of customers we have now to over 600,000 and that is what digitalisation allows you to do, allows you to scale up very rapidly, allows customers to identify with an organisation that is focused on them”, Joda said.
