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CBN upgrades MfB to state status

By on May 19, 2016

The Central Bank of Nigeria has approved Davo Dani Microfinance Bank as a state MfB, the Chairman of the bank, Mr. Austin Enajemo-Isire, has said.

By the new licence, the lender can now own branches across the state.

Davo Dani currently operates only one branch as a unit microfinance bank.

Enajemo-Isire, who spoke at a news conference in Lagos recently, said the bank would cooperate with the Lagos State Government to implement the Federal Government policies aimed at boosting the growth of Micro, Small and Medium-scale Enterprises.

“We wish to announce the upgrade of Davo Dani Microfinance Bank to state microfinance bank status through an approval conveyed to us by the Central Bank of Nigeria in its letter dated May 3, 2016, having satisfied all necessary conditions attached thereto,” the chairman said.

According to him, the MSMEs constitute the bedrock for economic development of a nation, and that Davo Dani will not lag behind in supporting them.

He said, “Therefore, we are open to partner 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 the citizens.”

Davo Dani MfB, Enajemo-Isire said, was founded on the objectives of the Nigerian Microfinance Bank Policy and Regulatory Framework.

 

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