PecanTrust disburses N5bn loans to customers in 6 years

Oshinusi said that the bank’s focus on poverty alleviating had provided access to finance for affordable social infrastructural services.

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PecanTrust Microfinance Bank has disbursed loans worth N5 billion to customers in six years.

Mr Taiwo Oshinusi, the Managing Director, PecanTrust Microfinance Bank, said this in a statement on Wednesday in Lagos.

Oshinusi said that the bank’s focus on poverty alleviating had provided access to finance for affordable social infrastructural services.

These include healthcare, education, and housing as well as prioritising women-led businesses.

He noted that the bank had remained consistent in its focus to increase financial inclusion and reach the unbanked nationwide in its six years of operations.

He added that in line with its mission, PecanTrust designed tailored savings and loan products for customers such as the Pecan Ajo savings and other Pecan (Small and Medium Enterprises) SME finance loans.

“The bank has also implemented an aggressive strategy to on board agents and introduces its customers to their agency banking platform nationwide.

“In addition to its financial inclusion strategy, the Bank recently unveiled its USSD application with value-added features and service delivery levels to the market.

“We are delighted to have had positive impact through our financial inclusion strategies.

“Currently, about 60 million adults are unbanked in Nigeria, which makes it the fifth largest country of unbanked citizens globally.

“So much still need to be done in the industry to support the Central Bank of Nigeria (CBN) toward the achievement of its financial inclusion goals.

“This is why we have continued to intensify efforts to reach the unbanked and ultimately help alleviate them from poverty and we believe with continuous steps in this direction, we can achieve our objectives,” he said.

Oshinusi said that to accelerate growth and continue to support these strategic initiatives and improve delivery to customers, Pecantrust evolved into a hybrid microfinance business, building on expertise with the traditional banking business model.

He disclosed that the bank would soon launch a digital application to scale its business and reach a wider customer base while providing access to cheaper, faster, reliable financial services.