Davo Dani Microfinance Bank Limited has received the approval of the Central Bank of Nigeria (CBN) to operate a state microfinance bank.
Going by the CBN’s policy framework for microfinance banks, state MFBs are expected to operate with N100 million capital base but DavoDani MFBs has grown its capital base to N150 million.
With state microfinance bank license, the bank can now commence branch establishment across the entire Lagos State Local Government Council/Areas to enable it achieve its vision and mission as well as the national policy objective on Micro, Small and Medium Entrepreneurs (MSME).
The Bank focuses its businesses on traditional and specialized savings, current accounts and investment products as well as riskassets, carefully designed to empower Micro, Small and Medium Entrepreneur. Its core values and qualities centre on products innovation and excellent customer service.
Prince Austin Enajemo-Isire, chairman said the bank is positioned to carve a niche for itself in the market space, having just joined the group of State microfinance banks to create jobs and empower MSME through unhindered access to its financial services, as clearly spelt out in the mission statement.
“We will do this with a balance of financial sustainability and the social impact in poverty alleviation as well as create employment to a number of unemployed Nigerian population residing in Lagos State”, he told journalists in Lagos.
Enajemo-Isire said the breath of outreach in the bank’s first phase of action will cover branches in Ikorodu, Ladipo Mushin, Alaba International and Boundary, Apapa in addition to the Head Office in Ogudu Road, and Ojota among others.
According to him, the management is poised to target clients of not less than 500,000 in the first phase of action plan representing 50 percent of its medium term plan.
He said the bank open to partner with the Lagos State Government and other government agencies in the implementation of the National Policy on Micro Small and Medium Entrepreneurs.
“Our channels of distribution will be deployed through which the state can effect disbursement of micro credits and financial awareness training to her citizen in the Lagos areas”, he said.
HOPE MOSES-ASHIKE
