Comprehensive profile of the Great ABU Microfinance Bank – ABUMFB

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Ahmadu Bello University Microfinance Bank (ABUMFB), better known as ABU Microfinance Bank (ABUMFB), was established in 1993 as a Community Bank; and later in 2006, it was converted to Microfinance Bank, with an N20 million capital base as a unit bank upon introduction of Microfinance Bank Policy (MFB Policy) by Central Bank of Nigeria (CBN).

The Bank is largely owned by Ahmadu Bello University and some of the University’s Units (with about 72% shareholding), while the balance of 28% is being held by private investors within and outside the University.

Aminu Mohammed Abubakar, Managing Director, ABU Microfinance Bank - ABUMFB
Aminu Mohammed Abubakar, Managing Director, ABUMFB

However, the transformation and reorganization of the Bank since 2008 saw to the creation of strategic units and employment of skilled manpower. The performance of the Bank has been quite impressive, given its size, age and nature of business, over the years.

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And, the pace of growth of its balance sheet and profitability are, so far, above average and among the best in the industry. It is among the new MFBs operating as State Bank, with more than one branch online real-time.

Performance of ABU Microfinance Bank

The Bank’s result for its financial period under review attested (2009 – 2013) to the fact that its Board and Management will continue to steer the affairs of the Bank on the path of growth and profitability. This is despite the highly competitive financial terrain and proven operating environment.

We still continue to reasonably grow its lending portfolio. Our total active client base grew to over 20,000, while the number of active borrowers as at December, 2013 stood at 3,775, which resulted into active loan portfolio of N 1.1 billion.

The total income increased from N146, 286, 000 in year 2009 to N490, 304, 000 as at December 31, 2013. Similarly, the profitability trend has continued to grow steadily over the years for the period under review from a net profit of N74, 724, 000 in 2009 to N105, 345, 000 in 2013.

Services of the Bank

ABU Microfinance Bank has a wide range of services tailored around our immediate environment and Zaria community at large. Our growth over the years has indicated tremendous potentials in and around the University community.

The products and services of the Bank are unique and designed to meet the needs of individuals and entrepreneurs alike. They cut across financial advisory services, micro-savings, micro loan and SME loans. In short, the bank has the following services for its customers:

  • Current Account
  • Savings Account
  • ABU Contractor Assistance Scheme
  • Overdrafts
  • Short Term Loans Structured Loan & Advances
  • Salary Advance
  • Students Registration/School Fees Collection
  • L.P.O Financing
  • Tenure deposit Account
  • Standing Orders

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