BusinessDay

NPF Microfinance Bank’s share capital rises by 599,900%

The share capital of NPF Microfinance Bank Limited which marks 25 years this month, has risen by 599,900 percent from N500,000 made of 500,000 ordinary shares of N1.00 each to N3 billion ordinary shares of 50k each.

 

The bank commenced business on August 20, 1993 in Lagos, having obtained a provisional license to operate as a community bank on July 12, 1993.

 

The bank converted from its community bank status, to a national Microfinance bank following the directive of the Central Bank of Nigeria (CBN) to all community banks.

 

Presently, the bank has 28 branches across the country with  close to 400,000 thousand customers of which 70 percent constitute its primary constituency, immigration, prison, custom, while 30 percent are from the public – micro small and medium enterprises (MSMES).

 

Akinwunmi Lawal, managing director/CEO, said NPF Microfinance is engaged in business of microfinance banking and has emerged as one of the leading microfinance banking in the sub-sector.

 

The bank intends to grow its business to all the states of the federation in the coming year using technology to reach numerous customers.

 

H e said the bank intends to also touch all sectors by granting financial support to MSMEs in manufacturing and agricultural sector as well as its value chain.

 

Lawal said customers can also access the CBN Micro Small and Medium Enterprise Development Fund (MSMEDF), Development Bank of Nigeria (DBN) and Bank of Industry (BOI) loans through the bank.

 

“Professionalism, integrity, customer focus, excellence and loyalty have been our core values and hallmark over the years”, Akinwunmi said at a press conference in Lagos.

 

As part of activities marking the 25 years anniversary, the bank will embark on fitness walk and sports in Lagos, a visit to motherless babies home in Lagos, IDPS camp in Maiduguri and Benin City, and a thanksgiving/ gala night in Lagos.