Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria
Introduction
Microfinance banks are indeed a valuable tool for achieving financial inclusion and poverty reduction among the marginalized and underprivileged groups in Nigeria. These banks provide access to financial services, especially to people who usually lack access or are forced by circumstances to do so through informal channels. These institutions, with their focus on lending and saving, bring to reach the people who don’t have formal credit channels only limited to the banking world. Starting a microfinance bank in the context of Nigeria is a rather complicated task that involves precise preparation, compliance with the regulatory framework as well as deep analysis of the demand from target markets.
In brief, this all-embracing essay is a step-by-step guide for those who want to own and run a microfinance bank, and it covers key areas like licensing and registration, business planning, marketing, and some other necessary issues.
Microfinance bank establishment begins with licensing and registration from the financial statutory regulator that oversees this area. The Central Bank of Nigeria (CBN) being the biggest player in this area regulates microfinance banks in Nigeria and serves as a baseline for microfinance operations. The licensing process involves meeting the specific requirements, including the licensing process involves meeting specific requirements, including.
Legal Status: The microfinance bank that will be established should be incorporated as a limited liability company under the Companies and Allied Matters Act (CAMA). It allows the creation of transparent and well-governed companies which are driven by clear procedures and goals.
Capitalization: The Central Bank of Nigeria (CBN) has lately reformed the minimum capital requirements for commercial banks operating in Nigeria. Here are the new capital base requirements for all tiers of banks in Nigeria: Here are the new capital base requirements for all tiers of banks in Nigeria:
Commercial Banks (National):
– The least authorized fund capital standard has been moved from N25 billion to N100 billion respectively.
Commercial Banks (Regional):
– The paid-up share capital threshold of N10 billion which must be paid up before the company can be registered on the stock exchange has been increased to N50 billion.
Commercial Banks (Non-Interest):
– The minimum paid-up share capital has now been increased from N10 billion to N50 billion.
Merchant Banks:
– The paid-up capital of at least N20 billion bumped up to N100 billion capital.
Non-Interest Merchant Banks:
– The limit of the minimum paid-in share capital has been increased from N15 billion to N70 billion.
The CBN has given banks operating in Nigeria till 31st December 2024, to meet the new minimum capital requirements. This measure is intended to strengthen bank-as-a-sector, to manage financial system stability, and also to be the perfect support to the Nigerian economy.
The banks that are unable to meet the new capital standards by the specified time may face the risk of sanctions from the regulatory authorities and being shut down.
Ownership Structure: Specific information about proposed shareholders, on the sources of their funds and if they are of proper fit & proper status, is required by CBN. This is why they use such scrutiny to promote transparency and deter money laundering or other illicit transactions.
Corporate Governance: The microfinance bank should have a well-built corporate governance system, consisting of the Board of Directors, management team, and internal control mechanisms. Good governance frames of regulators are key to good decisions, risk management, and companies’ efficiency.
Business Plan: Microfinance banks have their own and not everybody can get credit from the mainstream banks. Assessing whether the applicant is eligible or equipped to manage a loan is done using a business plan that shows the proposed microfinance bank’s operations, target market, products and services, financial projections, and how to mitigate the risks obtained. The business plan is like a roadmap for the institution’s long-term prosperity.
Physical Infrastructure: The CBN needs to provide proof in shape of the appropriate premises and facility sustaining the operations of the microfinance. This aspect includes security within the banking halls, the strength of the IT systems, and the appropriate security measures applied.
Categories of Microfinance Banks in Nigeria Related Terms: Microfinance Institutions (MFIs); Grameen Bank; Economic Development; Poverty Alleviation.
There are four (4) categories of a Micro-Finance Bank namely: There are four (4) categories of a Micro-Finance Bank namely:
Tier 1 Unit Micro-Finance Bank: for the establishment of this precise type of Micro-Finance Bank, the Central Bank of Nigeria will have to allow its operator to open no more than four (4) branches outside of the head office within five (5) adjoining Local Government regions of banked cities and locations.
Tier 2 Unit Micro-Finance Bank: The micro-finance banks which are specialize in such conditions are often limited to working with the poor people in faraway rural areas, the areas unbanked, or those underserved. They are allowed to has their second office only nearby of main office in the same Local Government Area and it must be approved by the Central Bank of Nigeria.
State Microfinance Bank: such financial institutions operate only on a one-state or in other words FCT basis. Of course, the CBN Board has the power to authorize such new investments in the Closing operations inside the same State or the FCT only as prior written consent. If the number of such branches and cash facilities in each local government area of the state is not more than one in the supply list, no additional two of such in the same LGA shall be allowed to be opened. In line with that in the case of the new MFB which has just obtained its license, the number of which it can not begin with is limited to ten (10).
National Microfinance Bank: this being so, the outreach of this type of microfinance organization is at a national scale and includes the FCT and a few States. Within six months following the issuance of a national MFB license, a financial institution is permitted to have only up to ten (10) branches.
The Microfinance Bank’s Realm of Activity: Permissible Versus Non-Permissible Activities.
Permissible activities
The following services are permissible to be provided by a Micro-Finance bank: The following services are permissible to be provided by a Micro-Finance bank:
Accepting cash and cheque as the means of deposit from individuals, groups, clubs, etc. including savings accounts, demand, and time accounts.
The unfurling of its business credit to its customers.
Offer of micro-loans to future housing projects.
Intervention in the provision of other services such as accounting records management and small business management as well as keeping small business assets will also be implemented.
The public can issue debentures to the parties that are interested and the capital raise with prior permission of CBN;
However, this bank will obtain money or proceeds on behalf of its paying customers through the deposit of cheques with the correspondent banks.
Promote inter-bank products such as mobile banking, and micro-insurance as prescribed by the CBN from time to time, based on the coverage of its license, within the designated geographical area.
The Bank can appoint its agents to render this financial service on its platform, in accordance with the CBN Agent Banking Guidelines, within the geographic spread prior to the issuing of the license.
The granting of salary, terminal gratuity, stipend, and pension to the diverse cadres that constitute the government workforce;
Non-collateralized loan disbursement services for the delivery of the credit program of government and agencies, non-profit groups, and individuals for poverty alleviation
Supplying financial services like sending money domestically for its clients is an important function.
Management of the various types of deposit and current accounts that it operates within and outside Nigeria;
Use of any of the returnable money market instruments that have been approved by CBN for its savings surplus fund;
Assistance to customers regarding micro leasing facility, arranging hire purchases done by microfinance, and coordinating consortium lending;
Participate in financing from the Central Bank of Nigeria, and others;
Guaranteeing borrowers access to microfinance as an added benefit to its subscribers.
Guarantee credit framework that would allow low-income people to acquire agricultural inputs, livestock, machinery, and industrial raw materials on an installment basis.
To confer investment in cottage industries and income-generating projects that may be determined by the CBN at a point in time for low-income individuals, among others.
The issue of advice, for instance, to low-income individuals regarding small business investments is one of the areas that can be addressed.
Secondary to the issuance of designated yield on the domestic commercial paper mentioned above, which will be under the supervision of the Central Bank of Nigeria.
Offering grants and technical support to microenterprises, in addition to any other areas as may be determined from time to time by the CBN
Non-Permissible activities
A microfinance bank is prohibited from offering the following financial services: A microfinance bank is prohibited from offering the following financial services:
a transaction involving currency other than domestic, which is not a loan on international payment. International commercial papers, International corporate finance, International electronic fund transfers.
Clearing house activities; Sorting of third-party cheque and other instruments for migration process conducted via correspondent banks.
Land speculation regarding land to raise their everyday living standards.
It had a special purpose of not having real estate businesses except for the use of office accommodation.
Use of any facility for profit-making purposes, e. g. listing and trading.
The distribution of assets with related parties and/or significant shareholders (5% or more of the owned equity) of the microfinance bank is to be done with written guidelines of the Central Bank of Nigeria
Organized crime territory. ii. Criminal funding.
The following are not activities of banking other than the deposits and withdrawals or any future activities as maybe directed by the Central Bank of Nigeria at any point in time.
LICENSING STAGES
Application for Micro-Finance Bank license shall be in three (3) stages, namely: Application for Micro-Finance Bank license shall be in three (3) stages, namely:
Pre-licensing Presentation
Approval-in-Principle
Final License
Pre-Licensing Presentation
When the pre-licensing stage is completed successfully this will ensure that the operation of the microfinance bank is successful. This is the process by which a complete business plan is written and submitted to CBN; the authority that is in charge of regulation of the microfinancing industry in the country.
This is the period when the microfinance bank which is yet to be established has to prove that it knows about microfinance in Nigeria, including the target market, competition, and the problems of the low-income population that are not easy to solve. The business model should cover the proposed mode of operation, the borrowing rules, risk management, and financial forecast.
Besides, the launch presentation needs to showcase the team’s knowledge of the microfinance sector, practical experiences, and dedication to this niche. The CBN will evaluate the promoters’ capacity to run the bank in a way that will guarantee the banks’ long-term existence.
The hypothetical microfinance bank being proposed must also ensure that it adheres to CBN’s regulatory requirements like capital adequacy, good governance, and operating under the guidelines. Consequently, compliance with these rules of the road is necessary to build CBN confidence and support.
Approval in Principle
Upon pre-licensing presentation submission and success, the CBN will analyze the proposed microfinance bank business plan and promoter credentials in depth. As long as the CBN is confident about the documents and the integrity of the institution, they provide an approval letter which is known as “approval in principle”.
The in-principle approval by the CBN indeed implies that there is a prior CBN approval to establish the microfinance bank, subject to gaining full approval of the same based on the fulfillment of other pertinent conditions and requirements. These conditions may include additional capital for instance, the recruitment of qualified personnel, the construction of physical infrastructure, and finally the establishment of robust operational policies and procedures.
In the same token, the pretentious bank of microfinance is required to work doubly hard in following up the stipulated CBN regulations within a certain time limit. The lack of adherence to any of these regulations will inevitably terminate in approval in principle revocation.
Final License Acquisition
When the prospective microfinance bank has fulfilled all the conditions of the approval in principle successfully, it can then apply for the final license. The following stage involves in presenting an exhaustive set of documentation, such as audited financial reports, operation manuals, human resource recruitment evidence, and demonstration of compliance with regulatory requirements.
As the final stage, CBN would perform a last evaluation to ensure that the institution has properly complied with all the requirements and is ready to conduct business. This assessment will most likely consist of on-site inspections, interviews with important people, and a thorough check of the submitted documents.
When the final evaluation is confirmed satisfactory, the CBN will endorse the bank as the license will be issued, enabling the microfinance bank to operate officially. The License usually indicate the specific terms and conditions which a school is authorized to operate which include the scope of operation, allowed activities, and regulatory reporting responsibilities.
The process of setting up a microfinance bank in Nigeria is very complicated and it is a process that requires a lot of planning, adherence to the regulatory requirements and understanding of the microfinance sector thoroughly. Through the completion of the pre-licensing process, obtaining in-principle approval, and finally secured the banking license, a potential microfinance bank can plan its path of operating as a front-line financial inclusion provider and economic empowerment facilitator for Nigerians.
On this trip, I always must keep accurate, and keep the highest principles in business in mind as well as abiding by ethics. Microfinance banks provide financial services to underprivileged communities which in turn encourage entrepreneurship, income generation, and ultimately poverty alleviation in Nigeria.
Since the microfinance segment keeps on emerging and expanding, the relevant stakeholders and the potential ones should be alert and accommodator to the regulating issues as well as coming along with market trends. A carefully laid strategy which is leading towards ensuring the financial and personal development of low-income populations can bring about tremendous change to the country’s development and welfare.
Previous transfer to the Nigeria Central Bank and show non-refundable status.
Shareholders of each type and how much they invested.
The number of capital shareholders put in must be reflected in accordance with Section 4. 2. These 7 “Stringent Guidelines”, need to be checked by the CBN;
Name reservation with the Corporate Affairs Commission (CAC) would provide substantial evidence.
Detailed business plan or feasibility report which shall, at a minimum, include
The Microfinance Bank’s goals, among other things
For the particular purpose which I wanted to create this, I need such kind of funding.
The investors structure in a table format with their names, the profession or business they are in, and the percentage shareholdings they have
Sources of funding appropriated for potential shareholders from each investor;
When the source of equity capital contribution is a loan, it shall in all cases be a long-term financial commitment of at least a 7-year tenor and not be from the Nigerian banking system.
The managerial structure displaying function units, responsibilities, reporting structure, and teacher-in-charge/unit-in-charge are to be drawn.
Proposed calendar of services to be implemented.
Present a 5-year financial projection for the proposed bank with heights of development, profitability, and the groundwork which are used in the forecasting.
List the information technology requirements along with the location and accessibility to the said facilities.
For institutional investors, promoters shall forward the following additional documents: For institutional investors, promoters shall forward the following additional documents:
Certificate of Incorporation and the certified copies of the documents of its incorporation.
Resolution of the board of directors that aims at providing assistance to the company’s investment of equity shares in the proposed bank.
If there is a business name or address, the address of owners/directors and the related company of theirs if exist.
Financial statements and reports of the company for the past three years, and also Tax Clearance Certificates within the same duration.
Write a draft of your company’s Articles and Articles of Memorandum (MEMAM). At a minimum, the MEMART shall contain the following information: At a minimum, the MEMART shall contain the following information:
Proposed name for the Mutual Fund of Boston (MFB)
Objects clause
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Procedure for amendment
Transfer of shares/disposal process.
Appointment of directors
The promoters shall provide written and executed undertakings that the bank will be fully liquidated for all the anticipated volumes and characteristics of business at all times;
Foreign institutional investors, who are under the umbrella of regulators, must be approved of or given a no-objection letter by the authorities of the corresponding institution in their home country.
Shareholders agreement granting us the rights for transfer or disposal of shares, amendment alteration, waiver, reimbursement expenses, and others of the related matters, of course.
Statement of each person’s resolution to contribute funds to the bank.
Data privacy provisions Discussion Prompt: Recognize and examine how poverty affects mental health outcomes for individuals. Be sure to explain the cognitive, emotional, and behavioral consequences of poverty on mental well-being and provide examples to support your observations. Provide possible interventions, such as social support interventions, educational resources, and community actions that can be used to address and improve mental health outcomes for those living in poverty.
Detailed Manuals and Policies covering
Credit Policy Manual;
Internal Audit Manual;
Asset/Liability Division Policy (ALDP);
The guidelines and the accepted rules for corporate accounting.
Implementation of roles and duties by senior management officers including the financial department.
-Managing treasury operations- including funds management, vouchers, payroll, and procurement.
A code of ethics and business conduct business should be in place by a company
Govt Regulation of Bank Verification Number (BVN), Tax Clearance Certificate, Board members, and key shareholders.
Data enclosure, signature on the resume of proposed members and means of identification for future members of the Microfinance bank.
Criteria of Board Member selection
transparency, identification of board members, directors’ valid documents, and authentic identity records. The size and the set-up of the Board must be according to the provision of the CBN Code of Corporate Governance for Microfinance Bond.
Capital contribution consortium statement of account backed by all the shareholders.
Having the fitness and propriety questionnaire form completed; and the net worth declaration document duly executed by the proposed shareholders, directors, and management personnel sworn.
And the list does not end here. Besides that, we will also provide any additional information the CBN may need in the future.
Provided that the application is complete, the Central Bank shall render a verdict on its eligibility and advise the applicant within three months. On the satisfactory evaluation of an application, CBN is required to issue to the applicant an Approval-in-Principle (AIP).
Final License
The ones who hope to establish a microfinance bank do have to make an application to the CBN for the issue of a final licence providing it is done within a month after it is granted the AIP. The following documents must be included with the application: The following documents must be included with the application:
Evidence minimal non-refundable fee payments being paid to the Central Bank of Nigeria
Certified true copies (CTC) of the bank’s Certificate of Incorporation.
CTC of MEMART;
Aso Form CAC CTC 1. Aim (Applying for Company registration).
We also have to specify the exact location of our main business place (i. e. rented/owned) where we are going to start the business.
Write the schedule of modifications occurring on the Board, Management, and Shareholding structure if granted Conditional IPO (CIPO).
Showing of resources and required abilities to handle modern technology and structures such as office equipment, computers, and telecommunications that are used in performing banking operations and working together with other regulatory authorities such as CBN.
Duplicate copies of job offer letters and receipts acknowledging their employment to the management crew.
List of top executives and CVs affirming their qualifications (with necessary copies, school and professional credentials, records of accomplishments, and valid international passports).
Accurate sequential plan on the commencement of the bank’s operations with milestones and timelines for the roll-out of key payment platform: rental scheme. Board and staff training program.
The Central Bank of Nigeria must perform an inspection of the proposed bank’s facilities and premises before issuing a final license, among other things, to: The Central Bank of Nigeria must perform an inspection of the proposed bank’s facilities and premises before issuing a final license, among other things, to:
MFB take-off relies on the physical workplace that we must put the check and consider when doing infrastructure assessment.
Examine the original copies of the papers presented as evidence in this case.
Face-to-face with members of the Board and CEOs whose CVs earlier were forwarded to CBN;
Confirm the capital amounts contributed by shareholders; and Ensure the integration with NPS (the National Payments System) of its infrastructure
Financial expenses for a micro-finance bank issue.
The minimum authorized share capital (shareholders funds ) for the four categories of Micro-Finance Bank are as follows: The minimum authorized share capital (shareholders funds ) for the four categories of Micro-Finance Bank are as follows:
Unit Index 1 = NGN 200,000,000.
Unit Class 2 = N250,0000,000.
State = NGN1,000,000,000
National = NGN5,000,000,000
CBN maintains the right to review from time to time the minimum capital thresholds for any given category of the Micro-Finance Bank.
When refunding the applicant the sum invested and the income thereon – after deduction of administrative costs and tax on the income – the bank shall resort to this way only if the application is approved or not. The Share Capital Deposit of BOFIA is a placeholder for the investment of the amount earmarked and thus, if appropriate, suitable investment is found, that investment will be made.
The Nigerian Central Bank is a supervising organization for microfinance banks in the country. The regulation gives it clear powers to punish and impose any other action including to carry out the management of any microfinance bank that violates the directive issued or otherwise operates incorrectly. Microfinance banks act as a financial intermediary thus they can accept deposits and issue loans, but unlike commercial banks, they have an inferior capacity to engage in a number of international financial activities. The Central Bank of Nigeria is solely permitted to supervise microfinance operations across the country is covered by the Banking Law and other financial institutions Act.
Regulations and Laws: Ensuring Compliance and Stability
Unlike in the past when any entrepreneur could start a microfinance bank business in Nigeria, the Central Bank of Nigeria and other relevant laws stipulate the present strict regulatory framework that the microfinance banks in the country operate within. Since these rules are an essential element of keeping the financial system strong and transparent, as well as protecting consumers’ rights and ensuring sustainable growth, compliance with them is very important. Key regulations and laws include: Key regulations and laws include:
CBN Revised Regulatory and Supervisory Guidelines for Microfinance Banks: The document which covers all the legal requirements including prudential guidelines, corporate governance principles as well as the reporting conventions intended for microfinance banks is presented below. It is a guide for practitioners on how to act correctly and in which conditions microfinance banks may operate successfully. It provides for equal rights and means.
Microfinance Policy, Regulatory and Supervisory Framework for Nigeria: Such a policy framework informs the actors involved of how they all fit into the domain including that of the microfinance banks, the regulators, and the industry groups. It provides the microfinance moving industry with the basic outlook and strategic plan of the microfinance sector in Nigeria.
Money Laundering and Terrorism Financing Regulations: To avoid financial risks associated with money laundering and terrorism financing, microfinance banks are required to adhere to anti-money laundering and counter-terrorism financing regulations like the Money Laundering (Prevention) Act and the Terrorism Prevention Act. Those rules are to avoid financial services the wrong usage for criminal acts and the system itself of finance being reliable.
Consumer Protection Regulations: In the process of the CBN’s Consumer Protection Framework and other relevant regulatory requirements targeted at customers of microfinance banks, the rights and interests of the consumers are ensured. These are the guidelines that make sure that we all are treated fairly and equally, as well as let us know that there are open ways to resolve complaints.
Data Protection and Privacy Laws: As part of microfinance banks’ policy, compliance with data protection and privacy laws like NDPR will enable them to protect the confidentiality of client information. Strong data privacy policies should always be one of the fundamental building blocks for the foundation of trust and confidence.
Taxation and Financial Reporting Standards: Microfinance banks like other institutions pay their taxes under applicable differences in tax laws and must comply with international financial reporting standards like IFRS for example to ensure accountability and transparency.
Business Plan: A Roadmap for Success
The business plan becomes the main tool in setting up a viable microfinance bank in Nigeria. It should be well thought out and organized carefully. The business plan has to be an outline, which should include profound details about the organization’s operations, strategies, and objectives the plan ensures also proper risk management. Key elements of the business plan include: Key elements of the business plan include:
Market Analysis: Carry through a deep analysis of the market whereby the demographic and socioeconomic factors including the competition and possibilities of growth are your main concern. The study will be the touchstone for the bank to tailor the product, marketing, and operations accordingly.
Products and Services: Specify the range of the financial products and services on offer; these include Microcredit, micro-savings, micro insurances, and other specialized services that can be tailored to the behavior of the target market. An innovative and customer-oriented design focusing on the specific needs of the underrepresented communities is crucial for fulfilling those needs.
Operations and Management: You should have the organizational structure, staffing requirements, and operational processes on the table, and it should include credit assessment, risk management, customer service, etc. Fruitful operations and a qualified staff essential to the provision of first-rate services and keeping market performance high.
Financial Projections: Design the medium financial projections by presenting income and expenses distribution, balance sheet, and cash flow statement which would show the potential and afterward financial viability. These projections will be more reliable and successful if they at least in part stumble on market realities and trends.
Marketing and Outreach: Create a marketing plan that builds on a multidirectional communication approach that utilizes both traditional and digital media outlets to successfully present and communicate with the target market. The power of the market cannot be undervalued when it comes to creating a name to schedule, appeal the customers to come, and building a larger customer base.
Risk Management: Figure out possible exposure that may come from credit risk, operational risk, and market risk and create the optimal risk management strategy for the long-run stability of microfinance banks. Incorruptible risk observation frameworks are indispensable to the sector as the microfinance problem is quite complex on the ground.
Social and Environmental Impact: Briefly narrate the microfinance bank’s dedication to fostering financial inclusion, reducing poverty, and environmental sustainability. Create the success story of the institution for realizing positive social and environmental objectives where it serves.
Marketing and Outreach: Engaging the Target Market
Marketing it possible for the microfinance bank in Nigeria to succeed requires having good marketing strategies and reaching out to the customers. There is a wide variety of customers, which are typically small businesses and individuals who are interested in borrowing money and do not have access to formal financial services. This is why various marketing techniques need to be applied in order to target specific groups of customers. Some key considerations include:
Branding and Positioning: Create an authentic brand image, easy to identify by the target market, and suitable for clients to consider the microfinance bank as a bank with confidence and convenience. A branding strategy that creates customer loyalty and helps the institution stand out from the competition a very important element.
Community Engagement: Create good rapport by involving local communities, community-based organizations, and grassroots networks in building good faith as well as awareness. The secret of the success of microfinance banks is their commitment to the communities of which they are a part, enabling them to learn, understand, and then address the needs that they pass on.
Digital Marketing: To connect with the audience through digital platforms, starting from social media, mobile applications, and websites, and reaching to the target markets including the younger and tech-savvy segments. Digital marketing is cost-efficient and targeted not only allows microfinance banks to reach out to their customers in new and more personalized ways but also gives them a big advantage.
Financial Education and Awareness Campaigns: Establish and promote financial literacy and awareness programs directed to members of the target market with the main objective of educating customers on the advantages and responsible utilization of microfinance products and services. Apart from promoting financial inclusion, these programs further develop the debtor’s trust and commitment towards the financial organization.
Referral and Loyalty Programs: Design referral plans for current clients so they will invite new customers. This will retain your customers and grow the consumer base. Referrals from word-of-mouth can be a highly effective marketing tool in communities where trust in people and personal communication is essential.
Strategic Partnerships: Examine the possibility of forming joint ventures with the key promoters, e.g. NGOs, inter-mutual associations, and local authorities, to finalize the social expansion and to make use of existing communication channels. These partnerships help to connect businesses with assets and rich sources of knowledge as well as to assimilate them within their value chains.
Localized Marketing: Design marketing strategies that penetrate through the cultural gaps and appease prevailing community trends. The local marketing strategies show the utmost understanding of the target community’s needs and can construct meaningful relationships with the local audience.
Conclusion
The establishment of the microfinance bank in Nigeria could be therefore as a complex process that needs to be implemented step by step since the beginning till the end through the availability of appropriate laws and the experience of what the target market requires. The candidates will be able to do all of the above: the licensing and registration processes management, the development of a reliable business plan, the regulations, and the compliance with the law, and they will know how to plan outstanding marketing strategies and outreach to the public, in order to make contribution to financial inclusion and economic empowerment in Nigeria. Key to the realization of this objective is an adherence to the moral value of lending, customer-focused services, and a strategic approach to serving the unbanked. A microfinance bank can indeed be a powerful driver of positive change in the right direction, provides the poor with the much-needed different financial services that help them to do the small business they desire, which helps them to financially thrive.
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Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria
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