Kings MFB

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Kings MFB Targets N200m Capital
By James Emejo, 10.07.2008

Managing Director/ Chief Executive Officer, Kings MicroFinance Bank, Mr. Laide Adebayo said the bank intends to grow its capital base to over N200 million before the end of the year.

The bank currently has a capital base of N150 million, representing a 33 per cent increase from N25 million in January when it commenced operations.
Speaking at an interactive session with newsmen in Lagos, Adebayo said more shareholders are expected into the company under a private placement deal but wouldn’t shed further light on the development.

He said that the bank currently services more than 500 customers in 10 markets.

He said there are plans to extend its operations into 25 markets before the end of the year.

He said the bank does not have any difficulty recovering loans from customers stressing that it has more than 94 per cent loan performance.
He also stated that there are significant evidence and testimonies to show that a good number of the poor in the society are benefiting tremendously from its services.

“Our customers are very loyal to us…unlike the mega banks, where collateral security is emphasized, we rather try to establish a strong rapport with our customers-getting to know who you are…it is when we get to know you well and how well you can manage funds that we can give such funds to you. We don’t emphasized security. And also you can access our loans if you have reputable guarantors standing in for you,” he said.

He stated that Kings MFB has been able to distinguish itself among the large numbers of similar institutions in the country by developing unique services such as agric loans, as well as saving and deposit accounts with various incentives that meet the needs of its clients.

“Without exaggerating, I know Nigerians are enjoying our services today and I want to ensure that we would reach out to a large number of people not only in Lagos but to other parts of the country,” he said.

The CEO further revealed that the bank’s deposits have been insured with NDIC in a bid to boost customers’ confidence with the bank.

He said the bank would invest in snail and fish farming in order to create jobs for graduates and school leavers. He said beneficiaries of the scheme would be trained and provided with working capital to start up businesses of their own. They would however payback from the proceeds of the business in rather flexible and convenient manner, the MD said.

This, according to him is one of the bank’s contributions to ending poverty.
He disclosed that an unspecified amount from its profit has also been committed to poverty alleviation.

"We have set aside a certain percentage of our profits working in partnership with local community agents to give interest free funds to the lowest of the economic class, as a contribution to poverty alleviation and at the same time buying the loyalty of our immediate environment,” he said.

The CEO said customers could as well transact online businesses with the bank through its correspondence banks namely, Fidelity Bank, Ecobank, Diamond Bank and as well as Oceanic Bank.

The bank is also embarking on a ‘Winner’ promo that requires customers to open a saving account with as low as N1, 000 and grow it to about N25, 000 in order to qualify for various prize categories.