Advans La Fayette Microfinance Bank Celebrates Loyal Customers on its 5th Anniversary
Advans La Fayette Microfinance Bank, one of Nigeria’s leading microfinance banks, celebrated 5 years of operation in Nigeria on her Ambassadors’ Day event. Mr. Steven Duchatelle and Mr. Guillaume Valence, Chairman and Managing Director of Advans La Fayette, welcomed key industry players and partners, including Central Bank of Nigeria, OFISD Director, Mrs. Tokunbo Martins, IFC Country Director, Consul General of France, Mr. Laurent Polonceaux, Mrs. Eme Essien, Stanbic IBTC, Head of Business Banking, Mr. Remy Osuagwu, among other dignitaries. During this event, the Bank launched the loyalty program for its customers and unveiled its new worldwide brand, showing how it has evolved and entered a new phase of growth and innovation.
One of the principal concerns that we have as the primary regulator of Microfinance Banks, is the challenge of corporate governance. Many microfinance banks have experienced a mission’s drift. They have started operating like mini commercial banks, forgetting that their role and the reason why they were licensed was to concentrate on those at the bottom of the pyramid. It is heartwarming to confirm that Advans La Fayette Microfinance Bank has continually soared high in terms of corporate governance and risk management practices. I do not expect less with the pedigree of the bank’s shareholders which includes international development partners like FMO, IFC and KFW.
Later on, Country Director of International Finance Corporation, Mrs. Eme Essien, added: “In Nigeria, there are many microfinance institutions, but not many that we can put money into as an investor. What we want to see in the microfinance sector is the development of microfinance institutions which can really serve the poor working class in a sustainable way. We started the journey with Advans La Fayette Microfinance Bank five years ago when they were new to the market.
Advans La Fayette Microfinance Bank stands far away from competitors in its level of efficiency, for the microfinance sector that is critically important.
I congratulate the clients who have won awards today, these demonstrate exactly the kind of impact Advans La Fayette Microfinance Bank can have on its customers and community. At IFC, we are much honoured to be a partner to a great institution like Advans La Fayette Microfinance Bank and look forward to years to come that will certainly bring more success”.
As a matter of fact, during the event Advans La Fayette has celebrated its customers for their loyalty, support and patronage, with a special reward and launching of the Loyalty Program. The Loyalty program is unprecedented: loyal customers were conferred VIP status, giving them priority client service, invitations to special events, reduced interest rates on loans and boosted interest rates on deposits.
Speaking on the Clients rewards, the Managing Director, Mr. Guillaume Valence, stated that the Ambassadors’ day is an opportunity to recognize and celebrate customers, which is an integral part of the anniversary theme – ‘Ambassadors’ Day’.
“We want to reward our customers for their loyalty, seriousness and consistency in loan repayment, quality of relationship and regularity on deposits. As we celebrate our 5th anniversary, we want to emphasize how customers have always been at the center of our work. We are here to support their businesses and needs as we grow together.
We have demonstrated great resistance and resilience to a challenging economic environment. Today, over 96% of our clients are paying their loans on time. This would not have been possible without us being close to our clients, without consistent work and serious due diligence and monitoring, without strong procedures and control system. But above all, this required team work and ability to adapt.
This enabled us to develop a client base of 35,000 clients. Over 55,000 loans were disbursed since 2013, for over NGN22 Billion. We have developed a staff strength of 320 professionals, and grown dozens of talents; developed a network of 9 branches in Oyo State, covering Ibadan, Oyo Town, Ogbomosho and Saki; developed modern products and services, including Mastercards, instant transfers, mobile tellering, mobile banking. With our initial capital of NGN1Billion, we developed total assets of NGN4.5Billion, a loan portfolio of NGN3.2Billion, a deposit portfolio of NGN1Billion and we built a customer centric organization to ensure we are constantly embracing our clients changing expectations.
By 2021, we plan to multiply our loan portfolio by 3, reaching a portfolio of NGN30Bn, for over 50,000 active borrowers. We will multiply our deposit portfolio by 12, reaching a portfolio of NGN12Bn. We will cover the entire southwest region, Lagos of course, but also all neighbouring states which have great entrepreneurs having huge business needs not being served, by opening 30 additional branches and by growing our staff to close to 1,000. To do that, we are currently increasing our capital to become a National Microfinance Bank by Q3, 2018.”
Advans La Fayette Microfinance Bank is a member of the Advans Group, an International Microfinance group. The Advans Group is currently active in ten countries contributing to economic development and poverty alleviation through financial inclusion.
Advans mission is to build a model group or financial institution to respond to the need for financial services to small businesses and other populations who have ill-adapted, limited or no access to formal financial services. As at the end of December 2017, the group served more than 750,000 clients and employed 6,400 staffs, with a gross loan portfolio of $775 million and a total of $405 million deposits.
The Advans group’s headquarter is located in Luxembourg with its support service in Paris. The group’s shareholders are EIB, KFW, FMO, CDC Group Plc, FISEA (AFD GROUP) and IFC.
Advans La Fayette Celebrates & Rewards Customers
Advans La Fayette has launched a loyalty & reward programme from May 2017 to celebrate and reward its customers in Oyo state - Nigeria. The goal is to reward loyal customers & standardize the level of service delivery to all our customers in all Advans La Fayette regions.
The customer service week is a quarterly event organised by Advans La Fayette to celebrate and reward customers in all regions!
Recognizing Our Women on International Women's Day
We share experiences of our Female Clients & Staff on why they are proud to grow with Advans Nigeria!
Advans La Fayette Opens Its 8th Branch in Saki
On 21 November 2016 Advans La Fayette MFB officially opened its eighth branch in the town of Saki in Oyo State. Saki, a town of almost 500,000 inhabitants, is an important hub for both local and cross-border trade. With this new branch, Advans La Fayette MFB continues its expansion into Oyo state, looking to serve clients in urban, semi-rural and rural areas who have ill adapted or limited access to formal banking services.
Advans La Fayette opens its 6th and 7th Branches in Oyo State
Advans La Fayette will now be able to offer easy access to credit and financial services to traders, entrepreneurs and individuals in Oyo town and Ogbomosho city, the 2nd and 3rd largest cities in Oyo State with an estimated total population of 710,933 inhabitants. These will be the 6th and 7th branches of the Greenfield since it commenced operation in Oyo State, Nigeria in February 2013.
The new branches commenced full production activity in January 2016 and will now be able to carter to a cross section of micro, small, medium and SME clients in the semi-urban cities. Advans Nigeria plans to continue its network expansion and widen its range of products and services on offer to better meet the needs of its growing market.
Advans La Fayette Microfinance Bank Embarks on Capacity Development Trainings
Advans La Fayette Microfinance Bank, a member of Advans Group, an International Microfinance Institution headquarted in Ibadan, Oyo State, organized a series of training workshops for traders in Ibadan, Nigeria from May – June 2015. The objective of initiating this free advisory service for traders and micro business owners was born out of the observed gap in accessible financial advisory services, poor financial management and financial accountability amongst traders.
Speaking on the objective of the training, the CEO of La Fayette Microfinance Bank, Mr. Guillaume Valence, stated that this initiative was born out of the desire to sensitize and educate business owners on adopting the right business models and practices that can help them in the long-run to be independent business managers and owners. He explained that with the right direction, guidance and access to credible financing, such businesses have equal opportunity to thrive and succeed in today's market. Speaking on the growth of Advans La Fayette in the last two years, La Fayette Microfinance bank has disbursed over 4.3 billion Naira in loans to SME's and business groups across Ibadan. Mr Guillaume Valence stated that more opportunities exist for marketers who are willing to adopt best business practices and access to credible financial facilities to grow their business.
Participants at the event included a cross section of traders within the food and household material sector and market association leaders of both Bodija Market and Challenge Market in Ibadan Oyo state. Expressing his gratitude towards this initiative, the Chairman of Bodija market association, Alhaji Lekan Azeez, expressed his gratitude for this laudable initiative from La Fayette Microfinance Bank, the first of its kind in the history of Bodija market.Alhaji Lekan Azeez mentioned that by this training workshop organized by La Fayette Microfinance Bank for the market members, traders are not only offered loan financing options, but are also educated on best business practices for the sustenance of their ventures. He claimed that this gesture showed that the bank was concerned about the needs of the market members and implored members to take advantage of the opportunity provided by the bank to develop and grow their businesses.
Advans La Fayette introduces its International Debit Master Card
Customers can now manage their accounts and transactions seamlessly with the Advans International Debit Master Card. With this new introduction, customers can make transactions from anywhere in the world, purchase airtime, do inter-bank transfers, pay bills and make withdrawals at any time or hour of the day.
We are committed to our promise of providing our clients with the best and most flexible financial service solutions to date.
Advans La Fayette Opens new branch in Gbagi
The first of its kind to be constructed from scratch, Gbagi branch, strategically situated in the heart of Gbagi Market in the city of Ibadan, is the new financial hub for a network of fabric traders, household ware traders and organizations within the environ seeking the right financial support to grow their businesses.
The project saw its completion in April 2015 and is set to expand its reach to customers within and around Gbagi.
We are excited at this feat and bring you pictures of the journey and the final opening of the branch.