Accion Microfinance Bank Limited has reinstated its commitment to economically empowering micro-entrepreneurs and low-income earners sustainably, ethically, and profitably.
Mr. Taiwo Joda, MD/CEO of the Bank stated this at the Annual Accion Microfinance Bank Financial Inclusion Seminar held recently in Lagos.
Micro-entrepreneurs and low-income earners:
Joda while speaking on the theme ‘Enhancing Financial Inclusion: Leveraging Digital Literacy, Products, and Services’ said financial inclusion, a fundamental human right, is about providing access to affordable and convenient financial services to every individual, regardless of socio-economic status.
- “Accion Microfinance Bank’s commitment to this noble cause is unwavering, with a mission to economically empower micro-entrepreneurs and low-income earners sustainably, ethically, and profitably.
- Our approach hinges on leveraging digital literacy, products, and services to harness the transformative power of the digital revolution. Steps taken include enhancing digital literacy, introducing a range of digital products and services, and forming Fintech partnerships for innovative solutions,” he said.
According to Joda, the bank’s objectives are twofold: firstly, to inspire innovation by sharing practical knowledge gained during our decade of operations, and secondly, to foster collaborative learning for influencing policies, particularly in the responsible provision of digital financial products and services.
Joda noted that the impact of the bank’s efforts is evident in the positive transformation of lives.
- “Looking forward, we are committed to being a market leader in microfinance, investing in technology and innovation to stay at the forefront of financial inclusion efforts.
- Financial inclusion is a continuous journey, not a destination.
- While we are proud of the progress made, we recognize that there is much work 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, we are poised for the challenges and opportunities that lie ahead,” he said.
Digital skills in adult education curriculum:
Dr. Godwin Ehigiamus, Group Managing Director of LAPO Microfinance Bank Limited, one of the Panelists at the event speaking on ways to enhance financial inclusion said that increased digital awareness through education will help to address the financial inclusion gap in society.
- “For me, I would like to recommend that the government should include digital skills in adult education curriculum. For the operators both the technology part and financial sector can in the process of engaging people pass these basic digital skills to them.
- They should do it not only for the benefits of their clients but for the institutional sustainability and growth in their bottom line,” he said.
What you should know:
Accion Microfinance Bank (Accion MFB) and Justrites Superstore, a leading e-commerce firm, recently entered into a strategic partnership to provide customers with a convenient and accessible buy now, pay later (BNPL) solution.
This collaboration will commence in December 2023 and will enable customers to purchase goods from any of Justrites’ 23 stores, subject to creditworthiness approval by Accion MFB.
The signing of the Memorandum of Understanding (MoU) took place at Accion’s head office in Lagos, where the Managing Director, Taiwo Joda, expressed his enthusiasm for the partnership.
He emphasized that this agreement will provide much-needed financial support to customers, enabling them to access essential groceries and products that align with their aspirations.
- “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 explained.
- “We will carefully evaluate each customer’s creditworthiness through our proprietary algorithms,” he elaborated.
- Joba further clarified the assessment process, stating, “We will assess individual customers’ financial history, creditworthiness, and willingness to repay. These factors will be combined to generate a credit score.”
Equally, interested customers are expected to have an account with Accion MFB before they can access the loan facility.
