THE Managing Director/Chief Executive Officer, Excel Microfinance Bank (EMB) Limited, Eruwa, Oyo State, Deacon Oladeji David, at the weekend, linked the success recorded during the 2022 financial year of the bank to aggressive marketing strategies through mobilisation of workers to oversee the affairs of customers in various communities in the state.
Deacon David said through pragmatic efforts and effective service delivery, the bank made a net profit of N22.3 million in the year under review despite the various socioeconomic challenges confronting the sector.
He said: “We are able to generate more revenue to the bank through effective marketing strategies, develop new products which were marketed (monthly micro loan products) which also culminated to the success story recorded in 2022 financial year.”
David also explained the reason for the delayed 2022 Annual General Meeting (AGM) of the bank, adding that the banking industry is the most regulated sector in the country.
“We believe also that we gain in the 2023 financial year. I appeal to those who are yet to open accounts with us to do so. I also urge those having dormant accounts to reactivate them,” he said.
On his part, the chairman of the bank, Reverend Bamidele Ayanrinde, said despite the current economic situation in the country, the bank was able to leverage the inherent opportunities within the business environment to record improved performance that attests to the commitment to the sustainability of the bank.
He said that during the financial year under review, the leadership of the bank ensured continuous provision of quality microfinance banking services to customers in line with the bank’s vision while staff were exposed to both in-house training and external capacity building to improve their knowledge and performance.
He said the bank was among the seven microfinance banks selected by the Oyo State government to disburse Sustainable Action for Economic Recovery (SAFER) loan to the citizens of the state as part of its efforts to cushion the effect of petroleum subsidy removal and commended the shareholders and customers for the support given to the bank.
Ayanrinde also lauded the board members of the bank for their unrelenting efforts towards ensuring the development of the bank.
Also, a shareholder, Reverend Eyitayo Timothy, commended the effective service delivery of the bank, especially access to loan, which enabled them to embark on productive business ventures, while Dr Abiodun Oke, praised the bank for impacting positively on the people through its various activities.
On his part, Mr Adeleke Adebayo, lauded the bank for the provision of loans for the people, community mobilisation and sensitisation of the people towards obtaining loan.
The AGM was attended by community leaders, banking stakeholders, among others who praised the leadership of the bank for the success recorded in the 2022 financial year.
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