Despite the challenging operating environment, Primera Microfinance Bank, a subsidiary of the Primera Africa Finance Group, has reported an impressive business performance for the half-year (H1) ended June 30, 2020.
The member of the diversified Nigerian group of companies, adopted operational excellence and business efficiency strategies among others, to deliver improvement in key business and growth indicators.
Specifically, gross earnings rose from N881.3 million in H1 2019 to N1.119 billion in H1 2020, indicating a growth of 27.1 percent. The bank further recorded a 34.1 per cent increase in customer deposits over the period to N5.974 billion in June 2020, up from N4.456 billion from the corresponding period in 2019. in the review period, the number of customers grew by 30.5 per cent, from 35,507 to 46,345, indicating a positive response to the bank and its product and service propositions.
Primera MFBank has also deepened its product and service offerings for Small & Medium Enterprises and salaried workers in the public and private sectors. Furthermore, it contributes significantly to the achievement of gender balance in financial and economic inclusion via its product and service platforms for women.
In collaboration with relevant partners, the bank is building and sustaining strong and positively focused engagements with the community through cause-specific Corporate Social Responsibility (CSR) initiatives.