FINANCE
to individuals and SMEs. It operates within and beyond Lagos and currently has around 100,000 customers, a loan portfolio of $12 million and assets totalling approximately $15 million. It is still going strong after a decade in this challenging business environment – so, what explains its success?
PUTTING PEOPLE FIRST “Among other things, the quality of people we have stands us out. By people I mean the shareholders, directors and employees,” Adegbami explains. “We have people who are very committed to the mission of the bank, and we have also invested tremendously in training and development. “Our strength lies in the quality of our people. It also lies in the level of commitment and loyalty they demonstrate
in playing their roles and discharging their duties. Right from the shareholders, board members, management and staff, we have very fantastic people. “As an organisation, we are very committed to training and overall development. On our board, there is nobody who has not gone through specialised training on microfinance, financial inclusion, risk management and corporate governance. All of our directors have gone through foreign training. “The fact that we were part of a commercial bank group for about eight years has also helped us. The training we received from day one was beyond what was intended only for microfinance services – we also received training concerning the banking and financial services industry.”
The CEO – an employee who rose through the ranks – is testament to the efficacy of this training programme. So, too, is the bank’s ability to retain its staff in an industry where there is normally a rapid turnover. “We had our 10-year anniversary last year and we have many staff who received long service awards,” he says. “We have succeeded in keeping our staff because we know they are the most valuable assets that we have.” The second key to the bank’s success is its customer-centred attitude. “We put our customers first in all that we do,” Adegbami continues. “They are very loyal to us. Many of them have grown with us over the years. There is a story of a guy we loaned around $1,500 about seven years ago. Today, that business now accesses up to $150,000 Africa Outlook issue 83 | 103
