400,000 of our Accion Microfinance Bank (AMfB) customers have BVN – Accion Microfinance Bank (AMfB)

400,000 of our Accion Microfinance Bank (AMfB) customers have BVN – Accion Microfinance Bank (AMfB)

Accion Microfinance Bank (AMfB) has said that it is on track with regards to the July 31, deadline given by the apex regulatory body for Microfinance Banks (MfBs) operating in the country to enrol customers for the Bank Verification Number (BVN) exercise. In this interview, Managing Director/CEO, AMfB, Mrs. Bunmi Lawson, said that about 400,000 customers of the bank have BVN while also stating some of banks’ achievements.

WHAT is your bank doing about BVN July 31, deadline for MfBs

Even before the CBN made the BVN mandatory, AMfB has started requesting BVN from all our customers, we partnered with top commercial banks to get them to enroll our customers for BVN and we linked up with the Nigeria Inter-Bank Settlement System (NIBBS) to ensure we can verify those BVN and as at today almost 40,000 of our customers already have BVN and we are extending that to all savings customer. We are on track regarding that.

The CBN stability report showed that MfBs recorded a decline in almost everything in 2016, yet we see MfBs posting positive results.

The industry numbers is reflective of the total economy numbers, we are talking of a recession and that is the aggregate of all the actors in the economy, naturally the microfinance industry was also impacted. For us as a company, we beat the odds because of the strength of the company but it is quite a challenge to out-perform the larger economy in an outlandish manner. We recorded a modest growth whilst the industry was declining, we are happy with that but we are also quite expectant that the larger economy will return to growth because it is a partnership, we operate in the ecosystem.

What security measures have your bank put in place to mitigate fraud in the application of USSD in financial transactions

The USSD is working, I assure you, a lot of our customers have continued to use USSD and we believe more and more of them would. We would be rolling out to more customers. In terms of security, AMfB would always apply international standard. So all the requirements to ensure that the phones are secured and USSD strings are secured are put in place. We also advise our customers to password their phones so that even if it is stolen, they are not able to access those USSD, in the last one year we have not experienced any fraud.

The CBN investors/exporters window has recorded about 1.1 billion in transaction volume, have you started seeing a positive reflection of that in your business.

The various efforts by government in stabilizing the FX market are beginning to show early signs of improved acceleration of the economy and we pray it is sustained. We will do our active part and contribute our own quota to the growth of the economy. We look forward to other participants playing their role, so that together we can take the country to the next level. We see the early signs, we are quite optimistic that the economy will continue to go in the right direction.

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