Fortis microfinance bank’s assets hit N20bn

Total assets of the leading financial institution, Fortis Microfinance Bank Plc, has hit N19.94 billion.

The financial institution’s total assets increased by 20 percent in 2015 from the N16.59 billion of 2014.

Also, the gross earnings of the bank increased by nine percent from N3.36 billion in 2014 to N3.65 billion in 2015 while its total deposit also increased by five per cent, crossing from N9.59 billion in 2014 to N10.03 billion in 2015.

This came as the bank became the first Microfinance Bank in the country, second in Africa and 16th in the world to secure the SMART Campaign revered Client Protection Principle (CPP) certification after a rigorous rating exercise by MicroRate, USA.

The disclosures were made during the 2015 Annual General Meeting (AGM) of the bank in Abuja where the chairman, Mr Felix Achibiri, disclosed that the total loans and advances increased by 19 per cent to N13.92 billion from N11.73 billion in 2014.

He stated that the Board of Directors of the bank approved a bonus share of one share for each ordinary share held by members of the company as at 31st December, 2015 and that the shareholders at the AGM accordingly ratified the resolution.

The chairman further stated that 2015 was a turning point in the corporate history of the bank as it secured the Central Bank of Nigeria’s license to become a National Microfinance Bank.

According to him, the Bank delved more into economic empowerment of women through its partnership with Support Multipurpose Cooperative where it was able to provide soft loans and social empowerment through group lending to over 300,000 women across 19 states of the federation.

Achibiri explained that with the leverage on the Mobile Money License through Fortis Mobile Money Limited, the bank deepened financial inclusion by taking banking to those at the hinterlands that were hitherto excluded.