Babajide Komolafe
19 November 2008
Hazonwao Microfinance Bank Limited, subsidiary of the Hazonwao Group has unveiled strategies to change the fortunes of the active poor in Nigeria, especially those in the Lagos metropolis whose desire is to meet their daily financial obligations.
Beyond lending money to its customers, the bank said it is going a step further to enlighten them on how well to manage their personal finances.
Hazonwao Microfinance Bank which formally commenced operations in August 2008 has introduced measures to empower the active poor not only by offering them loan but by helping them discover their potentials and the kind of business they can lay their hands on to earn reasonable income to meet their needs.
Mr. Wale Akinwande, Group Managing Director/CEO of Hazonwao, noted that his bank's unique selling power is its ability to enlighten the minds of its customers through its training programme in a modern classroom which has the capacity to seat 150 people at a time.
"This is where we share ideas with both our prospective and existing customers. We are doing this because we have found out that the problem of most people, especially the active poor in our country goes beyond unavailability of capital but inability to access information that can liberate them from poverty. And this is the gap Hazonwao Microfinance Bank has come to fill.
"At some of our meeting points which currently stand at about 10 in the Lagos Metropolis, we have created employment for some women folks who are willing to sell Bread produced by Cherries Tastee Court, one of the Hazonwao's subsidiaries, which has its competence in the Bakery and Eatery business. We only simply invited these women and opened their minds to the possibilities of making money in the business without any capital of their own because our Microfinance provides the fund. Of course it has been an entirely new experience for most of these women who hitherto had been unproductive" said Akinwande.
Barely three months in existence, the bank's customer base has grown close to 7,000. "These are customers that transact business almost on a daily basis with the bank and who have enjoyed some measure of support both in financial and advisory terms", the GMD noted.
Meanwhile Hazonwao Microfinance Bank has developed an array of consumer products which are tailored towards meeting the various financial needs of its customers. Hazonwao Target Bus (HTB) for instance, is a saving account meant to help customers meet their medium to long term financial goals. Akinwande explains the rationale for the product:
"If what you have is not enough for you to harvest, turn it to a seed by planting it and nurturing it to grow by savings. Therefore with HTB, any individual can set its financial goal with a specific date in mind and work towards it to achieve it".
However, with the HOSA (Hazonwao Orange Savings Account), any person willing to access quick loan from the bank will have his/her wish granted. The account which permits a third party withdrawal combines the features of both savings and current account with free COT and opportunity to invest in Real Estate and Capital Market.
Products developed by the bank for business owners, salary earners and contractors include Hazonwao Salary Advance Account (HSAA), Hazonwao LPO Financing, Hazonwao Lease Accounts and Hazonwao Microcredit Plus.
Hazonwao Microfinance Bank holds no barred in its quest to meet the yearnings of its various customers hence the provision of investment products that will help every individual meet its future financial goals which include retirement are Hazonwao Investment Club Account, Hazonwao Pigeon Account, Hazonwao Carry Go Savings Account and Hazonwao Cash Madam Account among others.
Meanwhile, the Hazonwao Microfinance Bank which will turn one year in August 2009 is already looking ahead. Akinwande said the bank is almost concluding the plan to shore its capital base to N1.0billion through a private placement that will kick off before the end of 2008.
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