Breeding a cash cow

Banking hall

BY GBENGA SALAU
WITH the launch of Cashcow Microfinace Bank, Igbosere Road, Lagos, Nigeria may soon witness another revolution in the banking industry, if the words of the chairman, Pastor Wale Adeduro at the launch are anything to go by.
While noting that most banks, especially the microfinance stocks have lost focus of the banking tradition copied from Bangladesh, he maintained that his Cashcow would keep to the creed and article of Microfinance Banking.
Adeduro, who pledged that the bank would be guided by the mission of Godly system, passionate people and dependable technology, urged Nigerian banks to comply with global practices in banking by stopping the yearly declaration of jumbo profits, which had been at the expense of providing real banking services to Nigerians.
His words, “our name, Cashcow, reflects our orientation and mission. It means ‘source of steady profit’ and ‘a profitable business or product with low overhead’, often used to fund other businesses and investments.”
Adeduro added, “we could not have been more apt in the choice of our name. We are not in a hurry to declare super profit neither are we planning not to make profit. It is just that we shall make haste slowly. For members of the board, management and staff of Cashcow Microfinace Bank Limited, banking is not only about declaring profit. The time tested philosophy of banking advocates prudence and probity. We are in the business of Microfinance Banking to deliver great value to God and the people. Banking is not a showbusiness neither is it a public relations field. We shall assiduously pursue the goal of becoming one of the most credible financial institutions in Africa. We are decidedly a local financial institution with a global approach to issues.”
Adeduro rolled out the bank’s 12 products, which he said, would be products of mutual benefits to any of its customers and the organisation. The products are:
Good women Account — Specifically designed for the good women societies as well as other recognised female group in the church. It offers a wide range of benefits including but not limited to access to proper book keeping, project management and execution of other activities. With this account, women can team up to establish investment groups that can access funds monthly on a contributory basis.
Nehemiah Account: This is designed for major church projects, like birthing of new branches, equipment upgrade, renovations as well as other major projects. It is also primed towards general church finance and administration.
Angel account: Designed to assist the church in meeting their short-term needs. It is designed to help churches in the purchase of equipment and execution of projects.
Future Leaders Saving account: Designed to meet the future needs of children–payment of tuition and examination fees, automatic membership of flourish children’s club, access to facility, scholarship among others.
Cash Train Target Account: This is a daily contribution account specially designed for people who have a particular project in mind or are saving up to buy an asset. It is a very easy account to run. The clients contributes a certain amount regularly for 90 days without withdrawal and receives the equivalent of one day contribution as interest in addition to existing interest payment on savings.
Group/Co-operative and society account: Designed to meet the needs of organised groups and associations.
Cash and Go: This product is structured to provide easy capital to the customer amount. It is a contributory scheme where the clients contribute a certain amount determined by him or her everyday for 10 days and the customer is given threefold the total contibution, while he or she will contribute to pay on a daily basis till the facility is fully liquidated under 30-day revolving arrangment.
Cash Now: Cash now is an easy and quick way of accessing immediate cash for meeting short term needs. It is designed to help enhance your lifestyle and get those things you desire when you desire.
Step-up Account: Designed to enable customers acquire assets such as cars, equipments, personal and household items. Repayment is spread over a period of six to12 months.