Gufax Mf Bank Profile

GUFAX MF BANK www. gufaxmfbank. com COMPANY PROFILE GUFAX MICROFINANCE BANK LTD OUR VISION To be the leader in Microfinance Banking Services in Nigeria. OUR MISSION To reduce poverty and build smiles on the faces of our esteemed customers by transforming them into economically active population with full access and integration into the formal financial system. INTRODUCTION Gufax Microfinance bank Ltd. s licensed for operation in Akwa Ibom State by the Central Bank of Nigeria for the provision and administration of microfinance services, loans, advisory services, poverty alleviation programme-partners with Government or its agencies as well as other financial services. It was incorporated on 04 April, 2008 with the Corporate Affairs Commission and Licensed by CBN in September 2008. The Bank has an Authorised Share capital of N250million out of which the paid up is N120million and total asset base of over N500million, approximately $3. 2Million as at December 31st, 2011.We also have to tal employee/staff strength of seventy one (71); and our present customer base is approaching twenty thousand individuals and groups comprising mainly the market women, cooperative groups, transport unions and other small and medium business operators within the state and a percentage of government employees. OUR ADDRESS Corporate Head of is at FADUK HOUSE, No. 3 Udotung Ubo Street, Uyo, Akwa Ibom State. Presently, the bank has seven meeting points within Akwa Ibom State as follows: Akpan Andem Entrepreneurial Market Uyo in Uyo Local Government. Nung Udoe Ibesikpo,in Ibesikpo Asutan Local Government.Ikot Ekpene in Ikot Ekpene Local Government. Oku Iboku in Itu Local Government. Ishiet Uruan Beach Market in Uruan Local Government. Ibaka Beach Meeting Point, Mbo Local Government Area. Onna Meeting Point, Ikot Abasi Road, Abat. It is part of the strategic expansion plan of the bank to open a minimum of one meeting point every quarter. THE BOARD OF DIRECTORS The bank has a board members hip of 4 distinguished persons as shown below: Engr Nsikanabasi Ibanga – Chairman Engr. Ibanga Engr. Nsikanabasi Ibanga is the Chairman of the Board of Directors of Gufax Microfinance Bank Ltd. He is an experienced Civil Engineer.Engr. Ibanga served as an Executive Engineer with ENPLAN Group of Consulting Engineers Nigeria Ltd, EBASCO Consulting Engineers and Zeal Nigeria Limited for over 10years. He has been involved in many private and public building designs over the years and is still very active in current practice. He is a member, Nigeria Society of Engineers (MNSE) and also a registered member of the Council for Regulation of Engineering (COREN). He has attended Engineering Management Workshop and other courses within and outside the country. His experience has been brought to bear in his leadership of the Bank.Mr. Uduak Effiong Udo – Managing Director/CEO * MD/CEO Mr. Uduak Udo is the Managing Director/Chief Executive Officer of Gufax Microfinance Bank Ltd. He is a seasoned Banker with over Ten (10) years of experience in Retail, Consumer and Public Sector Banking. Uduak had stints with Citizens International Bank Limited (now Enterprise Bank Ltd) from where he left for Zenith Bank Plc. He grew to a management position in Zenith Bank and subsequently left and co-found a group of financial service companies which Gufax Microfinance bank Ltd is one of them.He holds an MBA Degree in Business Administration from University of Calabar. He is a fellow of Portfolio and Debt Management Institute (PDMI), a member of the Risk Management Association of Nigeria (RIMAN), and a member of Institute of Strategic Management (ISMN) and also a member of chartered institute of Bankers of Nigeria. He is also an Alumnus of World Prestigious Harvard Business School, Boston, Massachusetts, USA, where he has been exposed to world class management Education and Entrepreneurship. A serious minded and successful entrepreneur, Uduak has interest in Finance and Invest ment.He has attended courses within and outside the country. The experience of the MD/CEO is a springboard for successful service delivery to our clients. Engr Bassey A. Iton – Director QUALIFICATIONS: M. Sc Petrochemical Engineering, Moscow Institute of Petrochemical and Gas Industries, Moscow, (1977). Member Nigerian Institute of Chemical Engineers. Member Nigerian Society of Engineers. Associate Member AIChE (1978). General Manager, Process Engineering; NNPC H/Q. Abuja. Working experience covers the underlisted areas and companies:Federal Superphosphate Fertiliser Company Ltd. (FSFC), Kaduna†¦August 1977 – June 1978 Warri Refining and Petrochemical Company Ltd. (WRPC), Ekpan-Warri†¦October 1978 – January 1980 Kaduna Refining and Petrochemical Company Ltd. (KRPC), Kaduna†¦January 1980 – December 1990 National Engineering and Technical Company Ltd. (NETCO), Lagos†¦January 1991 – January 2006 NNPC Investment, Engineering & Techn ical Divisions. Abuja†¦February 2007 – November 2009 Top Manaagement Duties in NNPC Headquarters Abuja. General Manager Upstream Investment in Commercial and Investment Directorate. .General Manager Process Engineering in Technology Directorate. Project Engineering and Management Services: National Engineering and Technical Company. January 1991 to December 2006. Managed underlisted projects: Strategic Management Training for world class managers. (June 2008) Mini –MBA for Oil & Gas in Houston TEXAS October 2009 Engr Iton is amiable & hardworking and is a very discipline Board member of Gufax MFB Mr Mbobo E. Mbobo (ACA) – Director * Mr Mbobo Mr. Mbobo Mbobo is a Director of Gufax Microfinance Bank Ltd. He is a seasoned Accountant. Mbobo has worked as an Accountant with A.C. T Nigeria Ltd, Lagos for 3years before moving on to Federal Mortgage Bank where he worked as a State Accountant for 10years and then another 3years as an Audit Manager with Eddy Ette & C o (Chartered Accountants). He is presently working with the University of Uyo as a part time Lecturer and an Acting Director of Finance with Akwa Ibom State University of Technology. He holds an MBA Degree in Accounting and is working on getting his Ph. D. He is an Associate of Institute of Chartered Accountants of Nigeria (ICAN), an Associate, Chartered Institute of Taxation of Nigeria (ACTI).He has attended courses within and outside the country. He has served as a Resource person at Seminars and Workshops. The experience of this Director is a great boosts to our service to customers. CORRESPONDENCE BANKS First Bank of Nigeria Plc Access Bank Plc EcoBank International Plc Diamond Bank Plc United Bank for Africa Plc Zenith Bank Plc Skye Bank Ltd OUR PRODUCTS AND SERVICES: CURRENT ACCOUNT: Gufax MFB offers current account services. The account is necessary as most other cash management services are provided through the current account.VOLUNTARY SAVINGS ACCOUNTS: We provide a number of savings products. These include 1. Regular savings accounts: This is the regular savings account operated for a customer for his personal reason. 2. Gufax Heritage Account: This account is for Children under the age of 18years. Benefits include scholarships. 3. Gufax Daily Contribution: This is for traders who are desirous of saving a pre-agreed amount daily till month end. 4. Gufax Acquired Account: This account is for persons who have specific targeted items to acquire at a specific time 5. Gufax Festivity Account:This account is for savings for festivity such as Christmas, Easter, Salah, Marriages etc 6. Gufax Real Life Savings Scheme: This is an open ended Asset acquisition scheme for civil servants. Regardless of what you want the Bank buys it for you and your salary is deducted for repayment over a period not exceeding one year after you would have saved 50% of the total cost of the asset. COMPULSORY SAVINGS ACCOUNT 1. GROUP COMPULSORY SAVINGS : All group members benefiting from Gufax Group Loan operates a compulsory savings account expected to assist them to build wealth and instil a saving culture in them. . TRICYCLE SAVINGS ACCOUNT: All beneficiaries of the Gufax Tricycle Transport Scheme are made to do a weekly compulsory savings for themselves as part of the condition for being a beneficiary of the scheme. SPECIALISED CREDIT PRODUCTS Gufax Tricycle Scheme: This product is targeted at the former Motorcycle riders in the city of Uyo whose business has been band by the government and replaced with taxi and tricycles. It requires the beneficiary to save 25% of the product cost and the bank will acquire such for the person with a tenor of 8months. Gufax Reallife Scheme:This is targeted at low and medium income government and private sector employees. It is meant to make life meaningful to this class of people by making them have easy access to any asset that will add value to their lives and pay from their salary for a tenor not exceeding 18months. Gu fax Quick Loan: this product is a temporary overdraft facility granted to traders which must be liquidated at the close of work on the last work day of every month. It is targeted at traders who makes daily repayments and with clear potentials to liquidate on or before end of month. FIXED DEPOSIT ACCOUNT:GUFAX MFB has a unique fixed deposit regime that encourages growth in asset and accumulation of wealth with minimal risk. The rates are competitive and attractive but within the Financial and Fiscal Policy Framework of the Central Bank of Nigeria. From as low as a Hundred Thousand, You can own a fixed deposit account with Gufax. SALARY ACCOUNT: Salary account can be opened for employees of companies/organization at no cost. You only need to send us a letter indicating the names of those that need the account and the rest is for us to do. CO-OPERATIVE AND SMALL GROUP ACCOUNT:This account is opened for formal and informal groups and organizations who are engaged in small and medium bu sinesses targeted at poverty alleviation and wealth creation. CREDIT-RELATED SERVICES: The credit-related services of our bank include: 1. Advances and Overdraft 2. Group & Individual Loans 3. Short term facility against staff salaries. 1. Projects development financing 2. Small scale business finance 3. Asset acquisition Financing 4. Property/Household equipment Lease. 5. Micro-insurance 6. Co-operative and Small Group (Formal & Non-formal) lending 7. Bridge Finance/LPO financingFINANCIAL ADVISORY SERVICES Gufax MFB also offers a wide range of financial advisory services on optimal financial structure involving a mix of equity/debt financing, investment risk management and strategic finance options. CORPORATE SOCIAL RESPONSIBILITIES GUFAX’s Faduk Care Trust This is the philanthropic organ of Gufax MFB and is saddled with the responsibility of making sure that the Bank gives back to the society. Amongst the programme so far handled by the department includes: 1. Scholarships Scheme totalling over a million naira to over 50 beneficiaries from different Educational institutions in Nigeria. . Library Project in Collaboration with ICAN, Uyo District and Society. 3. Sponsorships of programmes, seminars and workshops. 4. Gufax Help. Com Tansport scheme for the frustrated Okada Riders affected by Government band of their operation within Uyo Capital City. PREVIOUS STRATEGIC PARTNERSHIPS We have handled many micro credit programs amongst which are i. FADAMA III Programme in Akwa Ibom State still ongoing. ii. Shell Development micro credit for Uruan (LGA) Community iii. Akwa Ibom State Action Committee on Aids (SACA) in their ongoing micro credit programme. iv.Participating MFB for FGN/CBN/IFAD Rural Finance Institution Building Programme (RUFIN) for Akwa Ibom State. STRATERGIC BUSINESS PLAN FOR THE MANAGEMENT OF MICRO-CREDIT FOR THE RURAL ACTIVE POOR IN ONNA LGA. Our strategy of poverty alleviation partnership is a collaborative approach where the Local governm ent provides a counterpart fund and a guarantee for microcredit to be extended by the bank to the rural active poor within the Local Government Area; Pre-disbursement training, disbursement, monitoring, performance evaluation, recovery, refinancing planning, rendition of report, compulsory savings mobilisation are part of this partnership. Pre-disbursement Training: Each of the beneficiaries of our micro credit will be trained on the basic cash management technique to ensure that there is no diversion of these credits for other purposes. Small and medium enterprises will be duly examined to ensure the commitment of the promoters. We will organize trainings and workshops for the beneficiaries of the loans in line with their trades to help them keep simple books of accounts as well as exercise financial disciplines. These and other awareness seminars/workshops keep our beneficiaries on top performance. †¢ Selection/Disbursement:We engage the beneficiaries of loans/credits through a thorough and diligent selection /screening process. We disburse funds to groups (formal and informal) and organizations with proper co-ordinations and organization; skilled small and medium entrepreneurs as well as individuals with quality business plans for small and medium enterprises. †¢ Monitoring : We will monitor them through our well trained credit/field officers divided into teams and assigned to specific groups/communities and special products of the bank such as group fund management (Government and donor redit scheme funds). †¢ Recovery: Each group or individual is qualified for the loan with at least two guarantors which one of the following must sign: Village head of the beneficiaries/group; clan Head, Paramount ruler, councillors, House of Assembly member or any prominent member of the community with a net-worth over and above the loan amount. †¢ Repayment Plan: At the commencement of the programme, we shall draw up a repayment plan to enable them kno w the duration of the loan and the repayment period. Rendition of Report: We shall keep a chart (ledger) to monitor daily, weekly and monthly performances and shall constantly present monthly report on the performance of the scheme to the Board and Management for Assessment and Policy formulation. †¢ Our Charges: Our charges will be on commission basis which is negotiable or a subsidized interest rate. ORGANOGRAM: GUFAX MICROFINANCE BANK ORGANISATIONAL CHART [pic] MANAGEMENT STAFF PROFILE: Gufax Microfinance Bank stands out from among its peers because of our uniqueness and personalized services to customers.We parade a team of highly motivated and well trained staff, who will not rest until a customer is satisfied. MD/CEO – please see as in Director’s profiles Mgr-Business Development & Strategy(BDS) * Mr Ubong Udoh is an MBA student of ESUT, Holds B. Sc in Mathematics and Statistics from the University of Calabar, Cross River State, Nigeria. He is also a member of the Statistical Association of Nigeria, Member of the Chattered Institute of Bankers of Nigeria, He has working experience with reputable companies, such as Zenith Bank, Intercontinental Bank and the Central bank of Nigeria spanning over 10 years.He is a a Certified Microfinance Banker(MCIB) of CIBN. He is involve in many Humanitarian services including, Action Aid Int’l, Society Against Malaria, SACA, ACOMIN and the UNHCR. He is hardworking and goal oriented. He is friendly but disciplined. * CHIEF FINANCE OFFICER & HEAD OF AUDIT: As Head of Internal Control/Audit Department of Gufax (MF) Bank, Ubon Akpan has over 20 years experience in Banking, Accounting, Finance, Auditing and General Management traversing both Public and Private Sector Establishments.He started his career at Mercantile Bank Plc, where he rose to the post of a Supervisor. He later joined A. T. Asikpo & Co (Chartered Accountants) as Audit Supervisor, from where he moved to Frank & General Associates (A f irm of Financial & Management Consultants) as Finance & Admin Manager. Thereafter, he got an appointment at ACCESS Group of Schools as Head of Accounts/ Bursar for 2 years and later as Head of Audit for 3 years, before taking up another appointment as the General Manager of Grafen Enterprises Ltd – a Human Resources Management Company in the Oil Services sub sector.He also worked with Ekondo (MF) Bank, Calabar, as a Manager before he joined Gufax (MF) Bank. A Cost and Management Accountant (ACMA), he holds a Higher National Diploma (HND) in Accounting, a Post Graduate Diploma in Management (PGDM) and Masters in Business Administration (MBA) from the University of Calabar. * MANAGER,BANKING OPERATIONS: ADEYANJU LANSEBE is a graduate * MANAGER,BUSINESS DEVELOPMENT: This department is managed by Ugomma Udonsi who is a highy skilled banker with over 10 years of experience in the banking sector.She started her banking career with Mutual Alliance Savings & Loans Ltd where she worke d as Head, Branch Operations/Treasury. She holds HND in Estate Management from Federal Polytechnic Nekede, Owerri. CONCLUSION: At Gufax, we pride ourselves in focusing on the individual customer because we appreciate the fact that each customer is unique. GUFAX MFB is an engine room and hope for economic growth and development of the devastated lower class of our society.As our vision and mission clearly states, we are committed to the evolution of a society where every active poor can smile, please come along. UDUAK UDO MD/CEO www. gufaxmfbank. com ———————– MD/CEO Board of Directors COO/SA to the MD M Head, Banking Operations Head, Admin/ Human Resource Head, Audit /Compliance Head, IT Unit Legal Department Head, Business Development Credit & Marketing Executive / Debt Recovery HR/Admin Cashiers/Customer Service Officers/Funds Transfer Internal Audit Officers Internal Ctrl Officers IT Officers and Trainees Transports / Securit y