The Central Bank of Nigeria (CBN) has granted Equator Microfinance Bank Limited (MFB) approval to operate as a state microfinance bank. With this approval, Equator MFB becomes the first microfinance bank to acquire a state-wide status in Bayelsa State.
Over the years, the institution has grown to become the most vibrant and preferred MFB in Yenogoa, providing banking services to the economically active poor in the area in line with statutory mandates of microfinance banks.
According to John Daria, managing director of the bank, Equator MFB has made significant strides in the market by offering quality microfinance banking services via innovative product development. It has empowered people and assisted local fishermen, artisans and craftsmen set up in businesses. It has worked very well with multilateral and government agencies in poverty reduction programmes as disbursing agents. The bank runs on a robust IT infrastructure and has concluded arrangement with its correspondence bankers to roll out ATM services to enable its customers have access to their accounts 24/7 via ATM machines across the states.
With the upgrade in status, the managing director said that the board, management and staff of Equator Microfinance Bank were excited at the prospect of spreading quality microfinance banking services across the state of Bayelsa. As first step, plans have been concluded to immediately expand beyond Yenagoa to Otueke, Masoma and Twon Brass to enable the MFB serve a wider population, while other locations will systematically follow in the coming months.
Equator MFB started business on May 2, 2008, following the introduction of the microfinance banking regulatory framework by the CBN as a platform to address the gap created by the consolidation of commercial banks in 2005.
The managing director stated that the choice of Yenagoa as primary location for the MFB was influenced by the attractiveness of microfinance banking as a tool for poverty alleviation and financial inclusion, especially in dealing with youth restiveness in Niger Delta.
The MFB began business with a capital of N20 million, in line with the regulatory framework for unit MFBS. Today, it is operating with a shareholders fund in excess of N150 million.
