To provide quality Micro-finance services in a sustainable manner to meet the needs and preferences of the stakeholder
The bank Borgu Microfinance was incorporated on 13th January, 1992 operating as Borgu Community Bank Nigeria Limited.
In line with the financial sector reforms, the Bank successfully converted to Microfinance Bank in December 2007and was so licensed by the Central Bank of Nigeria. It became a Public liability Company (PLC) on the 1st May 2012. Our correspondent banks as statutorily required are United Bank for Africa Plc and Keystone Bank.
Against the volatile background the bank capital base stand at N45million with total assets of 261,869,356.82 Loans and advances remain the biggest portion of total assets in the bank’s balance sheet. This asset class provides revenue to the bank in form of interest income, transaction fees charged as documentation and administration fees and opportunities for insurance related income. The bank is focused on growing this asset class within the accepted risk levels.
We provide personal and business banking and other services to individual customers and small to medium sized enterprises. Our strength consist of varied skilled professionals staff that are microfinance bank certified compliance. The Bank with its headquarters in New Bussa, Borgu Local Government, Niger State, has a futuristic 4 branches across the Local Government, which potentially will offer opportunity for investment and growth. We thus maintain a distribution policy that will guarantee strategic-reinvestment and we enjoin investors to take advantage of our flexible prospective investment. We are confident that we are on the right path in terms of our new strategic posture and business focus. As things now stand, the bank is well positioned to enhance sustainable growth and improve shareholders' returns. We invest in developing and retraining our staff to deliver on our strategy. We invest in our operations, which include IT systems and business running costs.
Our bank has gone through trying times with the attendant challenges. It is however gladdening that a roadmap for the bank has been drawn up by the Board and Management. Corporate Governance has also been instituted and strengthened, while, enterprise risk management has been restructured and fortified with a risk officer directly in charge. I am optimistic about the future prospects of the country with the various development that have pervaded the polity. The success of the just concluded election has further strengthened the confidence of international community in the country, which is expected to provide a strong investment climate for potential investors. In particular, Borgu local government being a peaceful and resourceful environment provide a good market for the bank to tap.
It is my hope that government will continue to maintain its approach of seeking private sector-led solutions that will provide the enabling environment for businesses.
We remain optimistic that in 2020 and beyond, we are well positioned to sustain the progress made so far as we continue to create value for our customers with our innovative solutions while taking advantage of any potential upsides in the economy and in turn provide sustainable returns to our shareholders.