…opens new branch in Oyingbo
DavoDani Micro-finance Bank (MfB) on Monday reiterated its commitment to financial inclusion and desire to help the Small and Medium Scale Enterprises (SMSEs) grow their businesses and achieve financial freedom.
Speaking at the opening of the 8th DavoDani MfB branch in Oyingbo, Ndoma Odey, managing director, said the expansion of the bank is driven by the desire to provide exceptional leadership in the provision of micro-finance and other responsive financial services at the grassroot.
According to Ndoma, DavoDani MfB is driven by customer focus, with a customer base of about 20,000 across Lagos adding that the bank is poised to empower micro entrepreneurs through unhindered access to sustainable financial services.
Austin Enajemo Isire, Chairman Board of Directors of DavoDani MfB, said the Federal Government (FG) realises there is a gap in the provision of financial services to the SMSE sector in the country and the need to bridge the gap however, was what informed the decision of the FG to develop the Micro finance Bank Regulatory Framework in 2005, to bring about financial inclusion to those who have been neglected by the regular banks through micro services.
He opined that DavoDani want to distinguish itself by aligning with the policy of government and ensure it delivers on promises. “The CBN set aside N220 billion for the MSMEs sector and DavoDani has done all the paper works to be one of the beneficiaries of the fund. DavoDani is focus driven and is in the next stage to be given attention by the Bank of Industry (BoI)”he said.
According to Austin, default cannot be ruled out, but DavoDani has a well thought out plan to reduce the rate of default among its customers with a credit appraisal system that ensure all members of staff avoid contributory negligence and also ensure that its portfolio at risk are performing.
DavoDani MfB was incorporated as Calm Microfinance Bank in March 2008, and licensed by the CBN in September 2008. However, after the acquisition and restructuring in ownership and management of the bank in July 2014, the name was changed to DavoDani MfB Limited.
