Accion Microfinance Bank Limited has reiterated its unwavering dedication to economically empowering micro-entrepreneurs and low-income earners in a sustainable, ethical, and profitable manner. This commitment was reaffirmed by Mr. Taiwo Joda, the Managing Director/Chief Executive Officer of the Bank during the Annual Accion Microfinance Bank Financial Inclusion Seminar in Lagos.
The seminar centred on the theme ‘Enhancing Financial Inclusion: Leveraging Digital Literacy, Products, and Services’ and underscored the significance of providing access to affordable and convenient financial services to individuals, irrespective of their socio-economic status.
Mr. Joda underscored the bank’s resolute mission to empower micro-entrepreneurs and low-income earners sustainably, ethically, and profitably, by leveraging digital literacy, products, and services. The bank has taken proactive measures to enhance digital literacy, introduce a variety of digital products and services, and establish Fintech partnerships for innovative solutions.
The bank’s initiatives seek to stimulate innovation, share practical knowledge acquired over the years, and foster collaborative learning to influence policies pertaining to the responsible provision of digital financial products and services.
In addition to these endeavours, the bank remains steadfast in its commitment to investing in technology and innovation to uphold its position as a market leader in microfinance and contribute to the ongoing journey of financial inclusion.
During the seminar, Dr. Godwin Ehigiamus, Group Managing Director of LAPO Microfinance Bank Limited, emphasized the importance of integrating digital skills into the adult education curriculum to address the financial inclusion gap in society. He recommended that the government and stakeholders in the technology and financial sectors should impart fundamental digital skills to adults, not only for the benefit of their clients but also for the sustainability and growth of their institutions.
In a recent development, Accion Microfinance Bank entered into a strategic partnership with Justrites Superstore, a leading e-commerce firm, to provide customers with a buy now, pay later (BNPL) solution. This collaboration is scheduled to commence in December 2023 and will empower customers to make purchases from any of Justrites’ 23 stores, subject to creditworthiness approval by Accion MFB.
Mr. Taiwo Joda, the Managing Director, expressed his enthusiasm for the partnership, highlighting that the BNPL solution will offer much-needed financial support to customers. He elaborated that this agreement is designed to empower 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.
Furthermore, Joda expounded on the evaluation process, stating that each customer’s creditworthiness will be diligently assessed through proprietary algorithms, as well as their financial history, creditworthiness, and willingness to repay.
Moreover, customers keen on accessing the loan facility are expected to possess an account with Accion MFB.
In conclusion, Accion Microfinance Bank remains unwavering in its commitment to financial inclusion, empowering micro-entrepreneurs and low-income earners, and leveraging digital solutions to engender a positive and sustainable impact on society.
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