MICRORATE IS PLEASED TO ANNOUNCE THE MICROFINANCE INSTITUTIONAL RATING GRADE (β) TO FINA TRUST MICROFINANCE BANK
The Institutional Rating provides an opinion on the long-term institutional sustainability and creditworthiness of a microfinance institution (MFI) through a comprehensive assessment of risks and performance... Read More @www.microrate.com
Once again, FinaTrust Microfinance Bank a foremost leader in the microfinance sector in Nigeria has added yet another medal to her accolades with the just concluded Micro Rating exercise conducted in June 2016. The for-profit, regulated organisation which commenced operations in 2009 and currently operates under a state license in Lagos with 3 offices in Ikeja, Agege and Ikorodu, has over 5,120 active borrowers with an outstanding portfolio of 1.6 Billion Naira. With a strong focus on group lending methodology in 2015, the Bank succeeded in drastically increasing her number of borrowers with a total deposit of US$ 3.9 million dollars.
It is therefore without surprise that the microfinance Bank with a vision of being the number one lending Support to the economically active Nigerian has earned itself the honors of a 'Beta (β)' grade during the recently concluded rating exercise by MicroRate, an international rating agency which specializes in rating the microfinance sector globally. According to the report from MicroRate, 'Fina Trust MFB is believed to have rapidly grown as a result of excellent governance from its distinctive Board of Directors which is chaired by Pastor Ituah Ighodalo and also has as a non-executive Director H.I.M Oba Adeyeye Enitan Ogunwusi, Ooni of Ife. MicroRate also held that the diverse products and the credit methodology provided by Fina Trust MFB has created a path to serve its numerous clients while growing their businesses.
The report further rated the banks "financial solvency, liquidity and market risk management as good to excellent". With an identified strength in Diversity of credit and savings products as well as a strong deposit share, this achievement further consolidates Fina Trust Microfinance Bank as an industry leader in the microfinance sector nationwide.
Commenting on the cutting-edge feat, the MD/CEO of Fina Trust Microfinance Bank, Mr Adedeji Popoola stated that this was just the beginning, as the bank will continue providing quality service in the delivery of its products and services; to ensure that the bank's mission of setting new standards in the microfinance sector is upheld. He recapitulated the importance of their available skilled workforce as a major tool in achieving the several honors the bank had garnered in ensuring a continuous improvement of the economically active individuals and entrepreneurs in Nigeria.