The Vice-Chancellor of the Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State and Chairman, UNAAB Microfinance Bank Limited, Prof. Olusola Kehinde has disclosed that the overall performance of the bank has continued to witness improvement as a major player in the microfinance sub-sector.
The Vice-Chancellor reiterated that the new year would be significant to stakeholders in the bank as the management continue to pursue the bank’s strategic plan of growth within the state, saying more importantly, to deepen rural financing while improving their operational efficiency through technology-driven operations and self-services at low cost. Prof. Kehinde gave this piece of information while speaking at the 3rd Annual General Meeting of the bank held at the Postgraduate School Auditorium, FUNAAB, Ogun State. The Vice-Chancellor, who emphasised that years 2021 and 2022 were challenging as the difficulties in the business environment persisted, also revealed that there were also the challenges of uncertainties and risk created by the political transition during the period under review.
The Chairman, however, added that despite the challenges, the bank’s financial performance indicators remained positive during the years under review when compared to the preceding year’s financial results, saying that the bank was able to stabilise its performance with the total assets of ₦442.4 million, gross earning of ₦106.7 million while profit before tax was ₦27.2 million, noting that the result demonstrated the strength of the bank to wriggle through hard times. The Managing Director of the bank, Mr. Ayoade Adebiyi affirmed that the Microfinance sub-sector had continued to make a positive impact, particularly in the area of poverty alleviation through financial intermediation between the deficit and surplus units of society by leveraging on improved technological advancement to provide innovative banking services to its numerous customers, among others.