Moneytronics Microfinance Bank Limited has marked 30-years of supporting businesses and economic activities in Nigeria with loan facilities, and boosting government efforts on financial inclusion.
Established in 1992 as Ipodo Community Bank Limited, the bank transformed to Ipodo-Ikeja Microfinance Bank Limited in 2007 after meeting the Central Bank of Nigeria new capital requirement, and again in 2020 digitalised operations to become Moneytronics Microfinance Bank Limited.
Through these changes, it has grown in clientele and scope of operations cutting across the length and breadth of Lagos State and Nigeria in general.
Ndubuisi Chijioke Okoli, managing director, Moneytronics Microfinance Bank Limited in a media chat with journalists on activities to mark the bank’s 30th anniversary said, “The 30th anniversary gives us a solemn opportunity to praise God, look back at the journey so far, viz-a-viz present situation in the banking industry and our plan for the future”.
He used the occasion to appreciate the pioneer Board of Directors led by Moshood A. Adelakun that conceptualized the establishment of the bank as a community bank in 1992, and the tenacity of the current board that took over the control of the bank in 2019, and introduced dynamic process changes to transform the operations to a befitting modern bank.
Okoli said the bank has remained committed to supporting government policy on financial inclusion and contributing to the socio economic development of the country.
“The wider spread of clientele and areas of operation has been achieved through the deployment and extensive use of technology”.
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The bank he noted, has moved from its former registered office address on Obafemi Awolowo Way, Ikeja to the befitting office at 7, Ajao Road, Ikeja to enable it service her growing customers in a more conducive environment.
According to him, “it is exciting working for a bank with great future, committed and experienced Board and Management together with the support, patronage and unwavering loyalty of the customers”. The bank enjoys goodwill because of the experience and records of accomplishment it has in the industry, he said.
With the bank’s slogan: ‘Walking by your side, Today And Tomorrow’, Olorunleke Dare Ojo, business development manager said the bank has supported individual and corporate clients with loan products including auto loan, pearl loan, pensioners loan, business/SME loan, no landlord wahala loan, loan extra product, go to sleep school fees loan, house furniture/equipment loan, corporate guarantee loan, church growth support loan and corporate loan.
On other achievements of the bank, Adenike Janet Olabiran, Head – Audit, Risk Management and Compliance Department said, “over these 30 years period, our Liquidity Ratio and Capital Adequacy Ratio have been far above the regulatory requirements. Indeed, it is now by far more than 400 percent above the requirements”. In the 30 years of our operation, we have never fallen short of this regulatory metric requirement of 20 percent and 10 percent respectively at any time. This shows we have been a very stable bank, she said.
“We have transformed from the traditional banking mode of operation which is majorly manual to E-banking operation. Hence there is on-line access to account opening and loan application process, approval and disbursement through our e-channel, she said.
Olabiran said, “We have also met the CBN recapitalization requirement of N200 million stipulated for Unit microfinance banks. This has enhanced our financial stability, capability and focus to grant more loans.”
Going into the future, Okoli said the board has” undertaken comprehensive study for the transformation, repositioning and rebranding of the bank with a five-year strategic plan in place and the implementation of which is unfolding”.
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