NOVUS MFB disburses N6.35bn loans, deepens financial inclusion in Benue

Novus Microfinance Bank (MFB) has disbursed more than N6.35 billion in loans to over 11,000 beneficiaries across Benue State within two years of operation, significantly expanding access to finance for farmers, entrepreneurs, and salary earners while strengthening economic activities in the State.

Patricia Goja, Managing Director of the bank, disclosed this at the bank’s Headquarters in Makurdi, Benue State during activities marking its second anniversary.

According to her, the bank facilitated 11,342 loan transactions covering agriculture, private sector enterprises, and personal financing, underscoring its growing role in promoting financial inclusion and economic development.

Goja said the N6.35 billion loan portfolio represents a remarkable increase from the N1.6 billion disbursed during the bank’s first year of operation, a development she attributed to growing public confidence and the institution’s expanding capacity to meet the financial needs of customers.

She explained that the agricultural sector, a major driver of Benue State’s economy, received targeted support through loans totaling N108.56 million granted to 438 farmers and agribusiness operators. The intervention, she noted, helped beneficiaries expand production, improve productivity, and contribute to food security.

The bank also provided N2.07 billion in financing to 1,347 entrepreneurs and business owners, enabling business expansion, job creation, and improved sustainability for small and medium-scale enterprises (SMEs).

In addition, 9,556 customers accessed personal and consumer loans valued at N4.18 billion to meet educational, healthcare, household, and business-related needs.

“Beyond lending activities, Novus MFB remains committed to empowering farmers, traders, artisans, nano businesses, SMEs, and salary earners. Our interventions have enhanced economic empowerment and expanded access to financial services, particularly among underserved communities,” Goja said.

Stakeholders in the financial sector have commended the bank’s rapid growth and contributions to inclusive economic development, describing its performance as evidence of the critical role microfinance institutions play in supporting grassroots economic growth.

Despite the achievements, challenges remain. Industry analysts note that limited access to capital, rising inflation, loan repayment difficulties, and inadequate infrastructure in rural communities continue to affect the microfinance sector.

They also identified poor digital connectivity, high operating costs, and the vulnerability of small businesses to economic shocks as factors that could constrain the expansion of financial services to remote areas.

There are also concerns about increasing demand for credit by farmers and small-scale entrepreneurs amid rising production costs, which may require additional funding support and innovative financing solutions.

Nevertheless, stakeholders expressed optimism that the bank’s growing customer base, strengthened institutional capacity, and commitment to inclusive growth would enable it to overcome these challenges.

As Novus Microfinance Bank enters its third year, beneficiaries anticipate greater investment in digital banking platforms, expanded support for agricultural value chains, enhanced SME financing, and deeper penetration into rural communities.

For many beneficiaries, the bank’s second anniversary represents more than a corporate milestone; it reflects the positive impact of financial services on thousands of individuals, businesses, and communities across Benue State