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HomeEditorialOpinionIS AKWA SAVINGS AND LOANS LIMITED SAFE FOR BUSINESS?

IS AKWA SAVINGS AND LOANS LIMITED SAFE FOR BUSINESS?

Akwa Savin

gs and Loans Limited, is a Mortgage Bank wholly owned by the Akwa Ibom State Government. It was established in 1995 with a mandate to provide affordable houses to workers.

It is licensed by the Central Bank of Nigeria to undertake mortgage financing and other ancillary banking services in Nigeria. The full range primary Mortgage institution has grown with the growth of the people, offering a variety of financial services over the years.

At some point, the bank veered off its core mortgage business to that of a commercial bank. However, the new management team led by the Managing Director, Mr. Ebong Bassey, has led a restructuring of the institution to its mandate.

By this detour, Akwa Savings and Loan Limited is safe for business. There has been renewed customers’ confidence in the bank, and this is feasible in the increase in deposit rising from N286m to N458m as at December 2017.

There has also been massive reactivations of dormant accounts, and opening of new accounts. What these show is that the bank has returned to the path of operational efficiency and profitability.

The confidence in the management efficient and leadership capacities has translated into significant improvement in loan recovery from N136m in 2016 to N298m at the end of 2017.

With highly qualified and experienced personnel now steering the wheel of activities in the bank, Regulatory bodies such as Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Federal Mortgage Bank (FMBM) have demonstrated more confidence in Akwa Savings and Loans.

As part of a strategic service reforms, Akwa Savings and Loans Limited has launched an IT platform that has positioned the bank to deliver online real-time operational capabilities. The operating system of the bank has since been modernized under the new leadership and management.

Most recently, the Head Office of the bank located on Abak Road, Uyo, was commissioned by the Governor of Akwa Ibom State, Mr. Udom Emmanuel. This was a clear and eloquent expression of Akwa State Government’s support to the financial institution.

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