• Friday, March 29, 2024
businessday logo

BusinessDay

Creditville Group acquires 100% of TouchGold microfinance bank

Firm takes Creditville Microfinance Bank as new identity

In the bid to serve Nigerians better, Creditville, a financial technology proprietary group, has fully acquired CBN licensed Microfinance Bank, TouchGold Microfinance Bank. This acquisition propels Creditville for the launch of its latest digital innovation- C Money powered by TouchGold MFB.

This digital banking app was created to make the average Nigerian’s financial life easier. It offers users competitive interest rates on investment/savings, the ability to transact seamlessly, take loans, pay bills, purchase airtime, and many more services from the comfort of their mobile phones.

“Following receipt of regulatory approvals, we are confident that the full acquisition of TouchGold MFB will avail Creditville the opportunity to reach and serve our customers better while creating more jobs and financing Nigerians for a good life. Creditville Group places a strong emphasis on making banking easy and convenient, which will help achieve our overall objective of being one of the best fintech companies in Africa,”Richard Rotoye, group managing director, Creditville Group, said.

Rotoye also mentioned plans of recapitalising TouchGold MFB in-line with the CBN regulations.

Read also: UBA gifts customers awesome digital experience at Valentine with new internet banking

“The acquisition of TouchGold MFB provides Creditville with the opportunity to compete with other digital banking platforms. It gives us room to show our ability and disrupt the FinTech ecosystem in Nigeria. Our goal is to offer secure innovative technology and service that makes saving, lending, paying bills and investing simple,” Seyi Erhiahwe, the chief investment officer, Creditville Group, said.

Also speaking on the acquisition, the managing director of TouchGold MFB, Abraham Awe, said, “TouchGold MFB is known for empowering small and medium businesses with the finance needed to help their growth, and this won’t change.”

This acquisition will help simplify our processes while prioritising customer satisfaction, reach retail customers and a large proportion of the unbanked/underbanked.”

Abraham mentioned that the TouchGold board of directors believe the acquisition is in the best interest of all stakeholders including employees, customers, depositors and shareholders.