Accion Microfinance Bank

2018 Financial Report

” At the heart of our strategy is continued investment in our physical footprints, building t for purpose technological architecture and growing the required strategic partnerships that we believe would enable us to be competitive across the market segments we serve ”.

” At the heart of our strategy is continued investment in our physical footprints, building t for purpose technological architecture and growing the required strategic partnerships that we believe would enable us to be competitive across the market segments we serve ”.

” Changing Lives Through Digitization ”

Dear Shareholders,

The year 2018 marked another impressive performance by our bank - Accion Microfinance Bank in the transformation of lives through financial and economic inclusion for the economically active poor in Nigeria.We have done this through the provision of focused financial service offerings that address the peculiar needs of low-income earners and micro enterprises; the majority of whom are excluded from formal finance.It is against this background that I am pleased to present to you, on behalf of the Board of Directors, Accion Microfinance Bank's annual report for the year ended 31 December 2018.

The year witnessed a reinforcement of the growing importance of services which bolstered growth in the economy. The sector accounts for about half of GDP, dwarfing the 10% from oil and 22% from agriculture.The real GDP growth was an estimated 1.9% in 2018, reflecting a recovery in the services and industry. This stabilized the general price level and sustained the MPR at 14% throughout the year.

On the macroeconomic front, the delay by parliament in approving the 2018 budget affected implementation and increased fiscal uncertainty by pushing the bulk of spending to the second half of the year. But due to oil revenues, a value-added tax on luxury items, and a tax amnesty, the fiscal deficit narrowed in 2018,financed mainly by public debt. The 2018 EFInA Access to Financial Services survey findings, revealed that 36.8% of the adult population in the country, are financially excluded. This translates to a population of 36.6 million adult Nigerians who are excluded at the moment, with 44.1% male and 55.9% female respectively. Our task is to be the destination financial services company to provide relevant and bespoke financial product offerings to reduce this yawning gap and thereby transform lives and communities.

In compliance with best governance practice, this is my last AGM as Chairman of the Board. It has been a rare privilege and honor to lead such a team of dedicated colleagues on the Board from inception to date. I must express my deepest gratitude to God and to each and every stakeholder for the outstanding successes recorded by our Bank throughout the past 12 years.

During this period, we have operated in a calm, focused and cordial environment where every opinion is valued and respected. I thank every member of the Board for outstanding support and commitment over the years. I appreciate and value the dedication and professionalism of the both Managing Directors and every member of management and staff that served during my tenure. I conclude by expressing my deep appreciation to each of our customers, partners, regulators and gentlemen of the press whose collaboration and faith in Accion Microfinance Bank has propelled us to become the bank of choice that we are today in the Microfinance space.

We have an orderly succession plan which ensures continuity and smooth transitioning in line with global best practice.I am confident that we have built a strong foundation on which our bank will continue to soar to the delight of all our stakeholders and ensuring that the future remains bright for us all. I am confident that we will deliver even more in 2019 and continue to create a brighter, better future in the long term.

Once again, I thank you.

Patrick Akinwuntan

Chairman

Accion Microfinance Bank Limited

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