NPF MFB loan advances hit N10bn

The Nigerian Police Force Micro Finance Bank said its loan advance to customers has hit N10 billion with only 2.57 per cent as non-performing, below the 5 per cent industry threshold.

The MD/CEO of the bank, Akinwunmi Lawal, disclosed this at a press briefing to highlight activities ahead of its 25th anniversary celebration in Lagos yesterday.

Lawal said the bank has also grown its customer base to 380,000 comprising mainly of the police and paramilitary which constitute 70 per cent and the civilian customers which constitute 30 per cent.

“We will roll out our mobile banking platform, USSD enabled transfers and agency banking to reach every nook and cranny of the society,” he said.

Lawal called on the Federal Government and the monetary authorities to support microfinance banks with lower tax regime which would allow them plough back into supporting small and medium enterprises’ growth.

“We also ask for single digit interest rate on development funds to enable us deploy same at a lower interest rate to support small business,” he urged.

The bank benefited N500 million from the CBN MSME fund which it fully repaid and the apex bank in turn advanced N1 billion to it for onward lending to its customers.

The bank, which has consistently paid dividend for 22 years of its 25 years‘ existence closed yesterday with a share price of N1:62 kobo.