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Tag: MFB

  • Empire Trust MFB inspires growth with new head office

    Empire Trust MFB inspires growth with new head office

    Empire Trust Microfinance Bank (MFB), one of the prominent players in Nigeria’s microfinance sector, has relocated to a new office space located at Oba Akran Avenue, Ikeja, Lagos.

    The seven-storey building, designed with cutting-edge energy efficiency features, marks a significant step forward in the bank’s commitment to sustainable growth and enhanced service delivery, the company stated.

    The office building which also accommodates the Citygate Global group and her subsidiaries, is meticulously designed to support Empire Trust MFB’s expanding operations, housing key departments such as retail banking, credit administration, risk management, and customer support.

    With comprehensive microfinance services available under one roof, the building also features state-of-the-art facilities for client meetings, conferences, and staff training, all strategically aimed at improving service delivery and fostering a collaborative work environment.

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    Justifying the relocation, Mrs. Kehinde Ogundiji, Managing Director, Empire Trust MFB, expressed her enthusiasm for the new office movement, stating, “This building is a milestone in our journey towards delivering superior microfinance solutions. It symbolises our dedication to innovation and sustainability, ensuring that we not only meet but exceed the expectations of our clients. We are confident that this new space will inspire our team to continue driving growth and success.”

    Echoing similar sentiments, Mr. Seun Durojaye, Chairman, Empire Trust MFB, further highlighted the strategic importance of the new office relocation, noting, “Our strong foundation and consistent performance have led us to this remarkable achievement, tagged the Empire Building. This new office is not just a testament to our past successes, but a beacon for our future ambitions. It is designed to support our long-term vision of becoming a leader in the microfinance industry, both locally and globally.”

    The opening of this building not only enhances Empire Trust MFB’s portfolio but also contributes significantly to the landscape of Oba Akran Avenue, further enriching the financial ecosystem of Ikeja and the broader Lagos region. As Empire Trust MFB continues to pioneer innovative financial solutions, this stands as a symbol of the bank’s enduring commitment to excellence, sustainability, and customer satisfaction.

  • Kolomoni MFB appoints MD

    Kolomoni MFB appoints MD

    Kolomoni Microfinance Bank has appointed Yusuf Adeojo as its new managing director.

    The board of directors in a statement said the appointment of Adeojo came at a transformative time for the business.

    “We are thrilled to welcome Yusuf to Kolomoni MFB. His proven track record in driving financial inclusion and product innovation aligns perfectly with our vision to become a fintech powerhouse.

    “He is joining the business at a transformative time when we are consolidating our transition from Cintrust MFB to Kolomoni MFB. We are confident that his leadership will propel Kolomoni MFB to new heights.

    “Yusuf’s appointment presents a unique opportunity for Kolomoni to redefine its offerings and enhance customer experience, further strengthening its position as a leader in new-age banking and financial inclusion.

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    “He brings over 15 years of extensive experience in the Nigerian banking sector, with expertise in digital banking, product innovation, and financial inclusion,” the board stated.

    Yusuf was former Divisional Head of Product Management and Inclusive Banking at Heritage Bank and also held key leadership positions at Sterling Bank, contributing to the bank’s growth and expansion in Nigeria.

    He holds a Master’s in International Business from Oxford Brookes University and a PhD in Management of Technology and Innovation.

  • Alert MfB, AXA Mansard plan joint CSR initiatives

    Alert MfB, AXA Mansard plan joint CSR initiatives

    Alert Microfinance Bank (MfB), a subsidiary of Alert Group and AXA Mansard will carry out  joint community service as part of their Corporate Social Responsibility (CSR) initiatives.

    Both institutions will be providing 400 free eye tests and frames to the community. The partnership, led by Alert MfB Chairman Ben Zwinkels and supported by foreign investors, would  assist those in need and enhance community well.

    The free eye test event is scheduled for 28th June 2024 at 10am at the Alert MfB Headquarters, Yaba, Lagos.

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    This medical outreach will provide comprehensive eye tests conducted by experienced opticians from AXA Mansard. Additionally, 400 eye frames will be distributed to participants, along with complimentary glass cases and other eye care items.

    Zwinkels stated, “This medical outreach reflects our commitment not only to financial inclusion but also to improving the quality of life for the residents of Lagos. We are proud to partner with AXA Mansard to make a positive impact on our community”.

  • Alert MfB supports entrepreneurs with free PoS terminals

    Alert MfB supports entrepreneurs with free PoS terminals

    Alert Microfinance Bank, a state-licensed financial institution, has launched free Point of Sale (PoS) terminals boost support for entrepreneurs.

    This initiative is part of Alert MfB’s commitment to providing comprehensive assistance to entrepreneurs, enabling them to streamline operations and achieve business growth.

    Recognizing the challenges faced by entrepreneurs in receiving payments efficiently, Alert has developed a solution that addresses this critical pain point.

    The introduction of free PoS terminals empowers entrepreneurs to enhance their customer experience by offering instant settlement solutions for both merchants and agents. Gone are the days of prolonged payment processing times; with Alert’s PoS system, merchants can enjoy swift and seamless transactions, ensuring prompt payment confirmation.

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    The benefits of Alert’s PoS terminals extend beyond speed and efficiency. Entrepreneurs can now maintain accurate and up-to-date transaction records effortlessly, facilitating better financial management. Additionally, the POS terminals accept a wide range of debit cards, including MasterCard, Visa, and Verve, providing customers with flexibility and convenience in their payment options.

    Furthermore, the introduction of chargeback requests adds another layer of security and convenience for entrepreneurs, ensuring that they have the necessary tools to manage payment disputes effectively.

    “ALERT Microfinance Bank is dedicated to empowering entrepreneurs and fostering their success,” Chief Operating Officer at Alert Microfinance Bank, Hachem Bdier, said.

    With the launch of free POS terminals, we are taking a significant step towards simplifying payment processes for entrepreneurs, allowing them to focus on what they do best – running their businesses. We are committed to continuing our efforts to support our customers and drive their success.”

    Alert Microfinance Bank remains steadfast in its commitment to innovation and customer-centric solutions. By offering free PoS terminals, Alert is not only revolutionizing payment processes but also reaffirming its dedication to fostering entrepreneurial growth and success.

  • Alert MfB gets CBN’s licence

    Alert MfB gets CBN’s licence

    The Central Bank of Nigeria (CBN) has granted state license to Alert Microfinance Bank.

    In a statement, the Alert Microfinance Bank said the new licence underscores its commitment to enhancing financial services and responding to the evolving needs of micro, small, and medium-sized enterprises.

    Following its receipt of financial institution license from the apex bank in 2014, Alert Microfinance Bank has provided a comprehensive range of financial services, including savings, current, and fixed deposit accounts. The newly acquired state license further empowers the lender to expand its commitment to serving micro, small, and medium-sized enterprises and the wider public.

    At a recently attended forum held in Lagos by valued customers and partners, Alert Microfinance Bank expressed gratitude for their continued support.

    The event served as a platform for engaging with customers, gathering feedback, and introducing groundbreaking banking solutions. During the forum, Alert Microfinance Bank unveiled its cutting-edge Alert Mobile App and introduced the innovative Kolo Ajo Savings Product, marking a transformative moment for its growing customer base.

    Speaking at the forum, Group CEO of Alert Group, Olanrewaju Kazeem, highlighted another remarkable achievement, stating that Alert MFB’s shareholders’ funds have exceeded  N1.5 billion, and its balance sheet currently is more than N11 billion.

    He emphasised the organisation’s dedication to ensuring secure access and efficient management of funds for seamless transactions, leading to the introduction these two unique products.

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    “Looking ahead, Alert Microfinance Bank has set ambitious goals, including collaborating with partners to onboard one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and enlisting the services of seasoned professionals to support its target of reaching N200 billion in total assets within the next five years,” a statement from the bank said.

    Alert MfB has reorganized its board structure to ensure growth while maintaining strict compliance with regulatory and internal policies in alignment with its commitment to regulatory adherence.

    Beyond financial services, Alert MFB reaffirms its commitment to social responsibility by supporting orphanages, women, and the girl-child with goods, training, and affordable funding.

    According to the CEO of Alert Microfinance Bank, Raji Afolabi Saheed, the bank is now positioned to accelerate its growth plan, provide exciting products to customers, and ensure improved returns to all stakeholders. He said, “We are here to change the financial landscape for good.”

  • Letshego MfB wins banking award

    Letshego Microfinance Bank, a subsidiary of Letshego Holdings Limited, has been honoured with the ‘Excellence in Microfinance Banking’ award at the New Age Banking Summit 2017 which was held in Lagos.

    The Africa-born inclusive finance group’s Nigerian subsidiary was recognised for its commitment to growth, transformation, and the provision of simple, appropriate and affordable financial solutions.

    Letshego Microfinance Bank Nigeria representatives; Benjamin Muketha (CEO), Richard Tyotule (Head Financial Inclusion), Keneilwe Matseke (Head Consumer Solutions) and Emmanuel Michael (Head Human Resources) received the award on behalf of Letshego Nigeria.

    The New Age Banking Summit with the theme: Enhancing Banking Digitisation, brought together industry experts, regulators and thought leaders to discuss the key challenges and trends of banking in the digital era. The keynote speakers focused on various aspects of financial digitisation ranging from mobile banking applications to future banking trends & technologies, and innovative customer centric digital platforms.

    According to the organisers, “the digital banking landscape in Nigeria is expected to transform the country to Africa’s fintech hub. The recent upsurge in digital banking has catapulted the predominantly cash driven country to wider financial inclusion.

    Letshego’s Head of Financial Inclusion, Richard Tyotule commented, “Letshego Nigeria remains committed to its inclusive finance agenda, by increasing access to affordable financial solutions, to those members of the community who traditionally do not have access to financial solutions.  In this way, we aim to extend the reach of financial benefits to more individuals across the country, ultimately improving life and communities on a collective basis.”

    Letshego Holdings Limited, the Botswana based inclusive financial service provider, entered Nigeria in 2016, through its acquisition of FBN Microfinance. Leveraging on the group’a regional experience in delivering financial solutions to under-served communities across 11 African markets, Letshego Microfinance Bank Nigeria continues to expand its offering to the broader Nigerian market.

  • Police MfB, Intel, Airtel partner on ICT

    A technology firm, Intel, in conjuction with Airtel and the Nigerian Police  Force (NPF) Micro Finance Bank (NPF MfB),  has partnered on information communication technology (ICT).

    Intel Country Manager  Mr. Olubunmi Ekundare said the partnership was designed to add value and bring technology closer to the people.

    Speaking during the partnership programme at the Zone 2, Command headquarters in Onikan, Lagos, Mr Ekundare said ICT is crucial for security, hence the reason for the partnership.

    According to him, the aim is to make technology more accessible and affordable to all, while creating jobs and promoting Small Scale Enterprises (SME’s).

    Intel Business Development Manager, Folake Oyekanmi, said every police officer, who is a customer with NPF MfB, can benefit from the Personal Computer (PC) offering.

    She said ICT is the next big thing, adding that all age group must accept ICT. “We are giving out the PC, the next money making machine at a very low price, NPF MfB will offer loan for its acquisition and Airtel will provide free internet services to make use of the device. We are also going to train the police on how to use the PC and on entrepreneurship to start a business; all that would be needed to start a business will be downloaded on the PC. The PC’s have large memory, it is very fast and portable,” she said.

    Airtel Senior Manager, Devices and Partnership, Bobby Iduoze said the partnership is an opportunity to learn and engage oneself.

    He said Airtel will offer free data services to anyone who purchased the PC from the NPF MfB.

    “We will give your PC five gigbyte (5G) worth of free data to connect to other devices,” he said.

    Deputy Commissioner of Police, Criminal Investigation and Intelligence Department, Zone 2, Lagos, Mr.  Isaac Akinmoyede said as the world is growing in ICT, there is need for security officials to grow along same direction.

    “The way of doing things has changed over the years and the police cannot afford to be left behind; we have to move with the trend,” he said.

  • Police MfB, Intel, Airtel partner on ICT

    A technology firm, Intel, in conjuction with Airtel and the Nigerian Police  Force (NPF) Micro Finance Bank (NPF MfB),  has partnered on information communication technology (ICT).

    Intel Country Manager  Mr. Olubunmi Ekundare said the partnership was designed to add value and bring technology closer to the people.

    Speaking during the partnership programme at the Zone 2, Command headquarters in Onikan, Lagos, Mr Ekundare said ICT is crucial for security, hence the reason for the partnership.

    According to him, the aim is to make technology more accessible and affordable to all, while creating jobs and promoting Small Scale Enterprises (SME’s).

    Intel Business Development Manager, Folake Oyekanmi, said every police officer, who is a customer with NPF MfB, can benefit from the Personal Computer (PC) offering.

    She said ICT is the next big thing, adding that all age group must accept ICT. “We are giving out the PC, the next money making machine at a very low price, NPF MfB will offer loan for its acquisition and Airtel will provide free internet services to make use of the device. We are also going to train the police on how to use the PC and on entrepreneurship to start a business; all that would be needed to start a business will be downloaded on the PC. The PC’s have large memory, it is very fast and portable,” she said.

    Airtel Senior Manager, Devices and Partnership, Bobby Iduoze said the partnership is an opportunity to learn and engage oneself.

    He said Airtel will offer free data services to anyone who purchased the PC from the NPF MfB.

    “We will give your PC five gigbyte (5G) worth of free data to connect to other devices,” he said.

    Deputy Commissioner of Police, Criminal Investigation and Intelligence Department, Zone 2, Lagos, Mr.  Isaac Akinmoyede said as the world is growing in ICT, there is need for security officials to grow along same direction.

    “The way of doing things has changed over the years and the police cannot afford to be left behind; we have to move with the trend,” he said.

  • CBN grants DavoDani MfB state licence

    CBN grants DavoDani MfB state licence

    The Central Bank of Nigeria (CBN) has granted DavoDani Microfinance Bank Limited state licence.

    Announcing the new licence to the media in Lagos, at the weekend, DavoDani Microfinance Bank’s Chairman, Prince Austin Enajemo-Isire, said the lender has worked hard to secure the apex bank’s approval.

    He said the bank has satisfied all the necessary conditions for the licence, and that by the new feat, the lender can now commence branch expansion across Lagos State and its 57 Local Government Councils and Local Council Development Areas.

    This, he said, would help achieve the vision and mission of the bank as well as the national policy objective on Micro, Small and Medium Entrepreneurs (MSME).

    Enajemo-Isire explained that the Nigerian Microfinance Bank Policy and Regulatory framework was launched in 2005 with specific objectives of making financial services available to a large segment of the potentially productive Nigerians  which would otherwise have little or no access to financial services among others.  “The active poor and the vulnerable in the society, through this policy have access to micro credits and promote deposit and savings culture.  This is the foundation upon which our vision and mission is crafted: “to become an exceptional leader in the provision of micro finance and other responsive financial services on a sustainable basis to assist our clients achieve financial freedom,” he said.

    The bank, according to him, focuses on traditional and specialised savings, current accounts and investment products as well as risk assets, designed to empower MSMEs. Its core values and qualities centre on products innovation and excellent customer service.

    The Managing, DavoDani Microfinance Bank Limited, Ndoma Ndoma Odey, said the objective of the lender is to empower grassroots population, giving them the opportunity to embrace financial services.

    He said the bank will continue to  create quality risk assets that are beneficial to its stakeholders. He said the bank will continue to protect the interest of customers, including expanding credit to the individuals and groups.

    The bank, he said, is already moving into remote parts of Lagos, encouraging low income earners to embrace financial services and give them low cost credit at about four per cent interest rate.

    He said the bank customers have the opportunity to open and operate business account or current accounts, savings accounts, group savings accounts, term deposit accounts as well as call and fixed deposit accounts. There are also target savings account for ceremonies and special projects; graduation/freedom support account and esusu account, among others.

  • LAPO MfB secures N2.4b AfDB loan

    LAPO MfB secures N2.4b AfDB loan

    The African Development Bank Group (AfDB) has granted a N2.364 billion ($12 million) credit facility to Nigeria’s LAPO Microfinance Bank Ltd.

    The bank, in a statement yesterday, said  the loan agreement was to support inclusive growth in the country.

    It noted that the facility would equally enhance local Small and Medium Enterprises (SMEs).

    LAPO MfB is the largest microfinance bank in Nigeria with 1.1 million clients and 327 branches, currently operating in 26 out of 36 states in the country.

    Given its history of group-lending model centred on a community-based approach, LAPO predominantly focuses on low-income households and women by providing an average loan size of N38,000 ($190).

    “The corporate AfDB loan will support a proposed expansion project of LAPO MfB to achieve its goal to serve five  million clients by 2017.

    “It is focusing on low-income individuals (predominantly women) and micro/small enterprises by providing affordable access to finance, savings, credit and insurance in urban and rural areas.

    “The MfB will also expand its geographic coverage and number of branches,’’ the statement explained.

    According to the bank, with the loan, multi-faceted development outcomes are expected for LAPO MfB.

    “It will increase the proportion of poor households and small businesses with access to financial services in Nigeria and its financial sector infrastructure, as it plans to expand their branch network.

    “The funding will also stimulate product development aimed at meeting diverse needs of low-income households and local enterprises, including a soft loan scheme to provide clients a more convenient and safe solar powered lanterns.

    “It will enhance financial inclusion of women and female entrepreneurs and support increased revenue for poor households,’’ the bank added.

    In spite of its lower-income client base, LAPO’s total loan portfolio exceeded N40 billion ($200 million) in December last year due to its efficient decentralised banking model.

    LAPO has achieved its goal to reach over one million clients by end of 2013, and is targeting to reach five million clients by the end of its five-year business plan (2013-2017).

    It has 3,184 workers across 327 branches to prospect for new business and effectively serve its existing customers on the ground.