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Sunday, March 6, 2016

FINCA Microfinance Bank Opens 2nd Branch in Owerri, Imo State

FINCA Microfinance Bank opened a new branch at the Relief Market in Owerri (Imo State) in 2016. This is its 2nd branch. The Bank has started operating with a single branch in December 2014 after its license was approved by the Central Bank of Nigeria on 30th October 2014. Within a quick span of time, it has now opened another branch.

FINCA in Nigeria

Finca is an international organziation focussed on delivering microfinance services to the poor across the globe. In Nigeria, FINCA entered in 2014. After a well-prepared market research, FINCA has chosen Owerri in Imo State as its base and applied for the license to operate. 

Central Bank has granted the license on 30th October 2014. Since then FINCA has produced some amazing results with nearly 9,063 clients with average loan size of $727. The branch operating since 2014 has an outstanding portfolio of $2M. 

FINCA Microfinance Bank (FINCA MfB) began its operations with simple but innovative financial services. It has been offering savings, term deposits and loans to help clients build their micro businesses. 

Nigeria is the 6th country in Africa for FINCA. Besides Nigeria, FINCA's network of microfinance institutions are in Uganda, Malawi, TAnzania, Zambia and Democratic Republic of Congo. FINCA is in Africa since 1992.  

New Branch in Owerri, Imo State

The new branch will be the 2nd branch being started by FINCA MfB in Nigeria. Speculations are that it will double its size of portfolio and client base with this expansion. The MfB is expected to start new recruitment in the new branch in order expand its operations team. 

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9 comments: on "FINCA Microfinance Bank Opens 2nd Branch in Owerri, Imo State"

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Microfinance in Nigeria is very useful procedure, there are a lot of people want to start a business but do not have money

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