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Brands We Love: Accion Microfinance Bank

 

Accion Microfinance Bank is a financial institution that provides savings and loan services to micro-entrepreneurs and low-income earners. It has a license to operate nationally, and thus serves a large population of individuals and businesses spread across Nigeria.


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Founded in 2007, Accion has backing from some of Nigeria’s leading banks—Ecobank, Zenith Bank, and Citi Bank –as well as the International Finance Corporation (IFC) and Accion Global Investments, an organization that invests in established financial institutions.

In the last fifteen years, Accion Microfinance Bank has grown its presence all over the country, and now has a network of at least 50 branches and 20 cash centres. As of 2019, it had provided loans to over 244,000 borrowers. More than half of its loan recipients have been women. The bank also has over a thousand employees working in its various branches.

Accion Microfinance Bank has several savings account (‘Brighta’) products. They include Save Brighta, which rewards its users when they refer people to the bank; Accion Star, for children and teens aged 0 to 17, opened by their parents and guardians; BrightaPurse, which is tailored for people who want to save part of their daily income; and Brighta Together, which allows account holders save as a group (family and friends).

There are two investment accounts as well. Brighta Investor promises high-interest returns on savings, and Brighter Social Investor invests account holder’s funds as loans to customers and shares the profit from such dealings with account holders.


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Accion has multiple loan products, each targeted at a specific kind of customer. There’s the FMCG/Pharma loan, available to sub-distributors of FMCG and pharmaceutical products; loans for people living with disabilities who are economically active; SME Capital Loans for small businesses; and My School Extra Loan, for private school owners who need to finance their school’s daily activities.

There are more loans from Accion: My Own Asset Loan, which could fund the acquisition of home and office appliances; Brighta Solar Loan, for financing the purchase and installment of solar power solutions; and My Own Home Loan, designed for people who want to own a house, school, or business.

All of these services may be accessed from Accion bank branches all over Nigeria. These branches are located in at least eleven states, and the Federal Capital Territory (FCT).

Accion Microfinance Bank has won several awards for the work it does. They include the Lagos State Enterprise Award for the Best Microfinance Bank in Lagos; the LEAD Microfinance Bank of the Year; and the EFInA Award for its role in deepening financial inclusion in Nigeria.

Featured Image Source: Bamboo Capital Partners


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Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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