To reduce poverty among the inhabitants of the community, the ikpe Annang Development Association and some prominenes individuals met and conceived the ideaof establishing a community banking system to mobilize savings and carter for the financial needs of the community. Thus, in 1994, Ikpe Annang Community Bank was incorporated with operational base at Ikpe Annang, kilometer 5 IkotEkpene/Uyo road In Essien Udim Local Government Area, Akwa-Ibom state.

Prudential Co-operative Microfinance Bank Limited which was formerly known as Ikpe Annang Community Bank Ltd and later on became Ikpe Annag Microfinance Bank Ltd  was registered and incorporated in November 1999 with RC no. 258100.

The bank has since been functioning effectively and assisting the inhabitants of the community in their respective small-scale businesses, with a rich experience of over thirteen(13) years of community banking, Prudential Co-operative Microfinance Bank(PCMFB) limited is now well placed to to formally evolve into the Micro Finance bank. It has concluded the process of increasing her share capial to N40m. It has also transformed its legal and operational structure and is now I good position to take advantages of the opportunities this has provided.

Our Vision is to alleviate poverty by strengthening the economic base of the low income self employed through increase access to credit and saving service.

Our Mission is ‘To Offer Diverse products and services and combine cost efficient methodologies exemplary customer service through well - motivated workforce and state of the art technology’.

Our Core Values are based on Excellence, Team work, Responsiveness, Trust, Innovation.

Organizational  Structure of Prudential Coop. MFB Ltd will be run as a unit micro – finance Bank from outset, and thereafter would spread organically from one location to another within Akwa Ibom State.

Our Nature of Business is strictly Rendering of financial service to the active economic poor, low  income, self employed and micro entrepreneurs in its area of  operation. These services include;
(I)Deposit& Credit Products
(II)Cooperative organization
(III)Financial advisory service

PERFORMANCE AND EXPANSION

Item                     2005                     2010
Staff                     13                      126
Deposits               N13Million          N208 Million       
Credits                 N5 Million            N204 Million       
Income                 N1.5 Million         N63 Million         
Cash centers Branch  1                   12
Total number of clients served        18,642

On conversion, The M.F.B will introduced the following new productsand services to complement the existing ones.

The revised financial services;
On conversion from a Community bank to Microfinancebank, several services were added to the portfolio of the bank more...