KWASU Microfinance Bank Holds 4th AGM, Celebrates 10th Anniversary

KWASU Microfinance Bank held its 4th Annual General Meeting (AGM) on Thursday, September 4, 2025, where shareholders approved the annual accounts for the years 2023 and 2024, as presented by the Board Chairman, Professor Shaykh-Luqman Jimoh.

Addressing attendees during the AGM, Professor Jimoh noted that the bank is also celebrating its 10th anniversary and has consistently remained true to its mission of delivering sustainable value to stakeholders.

Highlighting KWASU MFB’s financial performance in 2024, Professor Jimoh explained that the bank’s growth in its first decade reflects the theme of the 4th AGM: “Resilience, Growth, A Future of Possibilities.” He emphasized that the celebration also sets the stage for an even more impactful future.

Professor Jimoh informed the gathering that despite starting with a meagre paid-up capital of ₦30,000,000 in 2015, the bank had grown to an impressive ₦185,700,000 in adjusted capital by the end of the 2024 financial year. He noted that this significant growth in total assets, deposits, and gross earnings was achieved despite a challenging operating environment characterized by rising inflation.

In his report, the Managing Director of KWASU MFB, Alhaji Hakeem Kolawole Hassan, highlighted the growing confidence of customers and communities in the bank. He stated that the bank’s total assets grew by over 100 percent, rising from ₦491.9 million in 2023 to ₦1.009 billion in 2024.

He reaffirmed KWASU MFB’s commitment to sustaining its growth momentum through innovative financial products and services, information technology solutions, and strategic staff training aimed at optimizing service delivery.

Other key resolutions during the AGM included the re-election of Mallam Mahmood Ishola Usman as Independent Non-Executive Director for a second term, and Mallam Shehu Ibrahim Saleeman as Non-Executive Director for a second term. Share certificates were also presented to shareholders.