NAN-HE-25
Accounts
By Lucy Nwachukwu
Abuja, Sept. 14, 2017 (NAN) Fortis Microfinance Bank on Thursday said that it had submitted its 2016 Audited Annual Accounts to the Nigerian Stock Exchange (NSE).
The Chief Executive of the bank, Mr Tiko Okoye, said in a statement in Abuja that the audited accounts had been approved by the Central Bank of Nigeria (CBN) before submission to the NSE.
He said the accounts showed that in spite of the harsh economic operating environment, the bank posted positive increases in major facets of its activities in the last 12 months.
He said that the bank recently launched its five-year strategic plan that would enable it become the dominant microfinance brand by heavily investing in technology to drive financial and economic inclusion.
“This was done to ensure that the bank maintained its place as a market leader in the Nigerian and African Microfinance markets.
“Fortis recently became the first Micro Finance Bank (MFB) in Nigeria to get the prestigious Micro Rate and Smart Campaign of USA’s Customer Protection Principle (CPP) certification.
“This made it the second MFB to attain that height in Africa and 16th in the entire world.
“Fortis MFB was granted a national microfinance banking license in 2015 with the clear mandate to open shops in all 36 states of the federation including the Federal Capital territory.
“And the bank currently has presence in not less than 22 states of the federation and the FCT,’’ Okoye said.
According to Okoye, Fortis is one of the two MFBs in Nigeria listed on the NSE and its operations are subjected to further regulatory oversight by capital market regulatory authorities.
He said that the bank’s fundamentals were rock solid which could be adduced to the fact that not less than seven foreign investors and development organisations were currently in partnership with it.
“The partnership is to expand access to the economically poor and vulnerable groups in the society.
“These include FMO (The Dutch Development Bank), KfW (The German Development Bank), Symbiotics, Cordaid (Agricultural Finance), Triodos, Shelter Afrique (Micro-Housing), Cyrano and AfDB.
“In addition to these foreign investment partners, Fortis is a key partner with the CBN through the MSME Development Fund, Anchor Borrowers Programme and People Living with Disabilities Project.
“It is also partnering with the Bank of Industry through the Bottom of the Pyramid Project, among others.(NAN)
LCN/MO/TA
Edited by Omolade/Tajudeen Atitebi