NPF Microfinance Bank Grows Balance Sheet To N18.8bn

By Nse Anthony-Uko
(Sundiata Finance) — The NPF Microfinance Bank Plc said its unaudited balance sheet size currently stands at over ₦18.8Billion as at 31st May 2017. The authorised share capital of the bank at inception was ₦500,000.00 made of 500,000 ordinary shares of ₦1.00 each and has over the years increased to its current level of ₦2 billion made up of four billion ordinary shares of 50k each of which 2.287 billion ordinary shares of 50k each are issued and fully paid up.
However, in its bid to further promote saving culture among Nigerians as well as broaden financial inclusion the bank has unveiled a new product called Festival Promo Savings Account. The bank in a statement explained that was specifically designed to encourage customers save toward a festival of their choice.
According to the bank, the product is designed to encourage savings amongst the populace in order to cushion the effect of money crunch faced by most families in Nigeria during festival periods. The product reportedly the first of its kind designed in the country’s financial sector comes with various attractive features that allows the account holders to win fantastic prices.
The product which attracts 3 per cent interest for the account holder also qualifies the potential savers to win Samsung DVD player, various other gifts and household prizes. Account holders would qualify for the raffle draw that is scheduled to hold on the 13th of July having saved a minimum deposit of 20,000 Naira for a period of 90 days.
To ensure prompt redemption of prizes, the bank has made all necessary regulatory payment to the National Lottery Commission to qualify for the draw and the draw is predicted to maintain good corporate Citizenship by keeping to the banks promises to her numerous customer and also to add value to its Customer’s life.
The bank said it offers digital financial services of all its products in 28 branches nationwide. The bank commenced business on 20th August 1993 and Lagos having obtained a provisional Licence to operate as a Community Bank in July 12, 1993 from the Apex Bank and later obtained its full licence to operate as a Community Bank on 24thJanuary 2002.

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