Rigo MFB raises capital to N239m ahead of regulatory deadline

The proportion of secured loan applications approved decreased as lenders try to manage their risk exposure.

Ahead of the regulatory deadline of April 2022, Rigo Microfinance Bank Limited has increased its share capital to N239 million from the expected M200 million for Unit Microfinance bank license.

On 29th April 2020, the Central Bank of Nigeria (CBN) reviewed its circular dated 7th March 2019 with respect to Minimum Share Capital requirements for Microfinance Banks.

By virtue of the said review, RIGO MFB is expected to increase its Share Capital to the sum of N200 million by April 2022.

“The Bank has therefore increased its Share Capital to the sum of N239 million with the Corporate Affairs Commission (CAC),” said Adolphus A. Aletor, managing director/CEO of the bank.

Rigo Microfinance Bank is a new entrant into the financial inclusion market, according to Onoriode Bridget Devos, chairman of the bank.

The bank was given approval by the CBN in May 2017. It however opened its doors for operation a year later; May 4th, 2018. The bank’s operational headquarters is situated along the Lekki-Epe axis of Lagos State, Nigeria’s economic nerve center, precisely Awoyaya; a suburb sprouting as a result of the many economic activities and continuous migration of people to the area. As a business entity, the bank commenced with a balance sheet size of N38 million.

Currently, the bank’s balance sheet size stands at N629m with a total weighted risk asset of N536m. A total of over 10,000 depositors have contributed to the deposit base of which 70 percent is from the female gender, while the balance of 30 percent is from the male gender.

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“Our cumulative loans disbursed are N2.3bn since inception with 60 percent representing Microloans and 40 percent representing Small and Medium Enterprise (SME) loans. The sum of N1.7bn was disbursed to women representing 74 percent while the balance 26 percent was disbursed to men,” Aletor said.

The bank’s focused sector in the last 3 years has been trading and commerce representing 75 percent of its sectoral business. The balance of 25 percent covers manufacturing, transport, and services.

Rigo Mfb has a vision of being a household name within its target market. In October of 2018, the bank partnered with Sterling Bank to Launch debit cards services and has since primed over 4,000 debit cards since inception.

“Not resting on our oars and with the continuous need to provide digital banking experience to our over 10,000 customers, there was the need to broaden our partnership that can place RIGO on the same digital pedestal with competition,” Aletor said.

The bank also partners with Nigeria Inter-Bank Settlement System (NIBSS), for instant transfer from the account by Rigo customers, instant transfer to the account of Rigo customers by customers of other banks, provision of a platform for the issuance and use of co-branded debit cards, and POS Terminals, and provision of a platform for immediate priming and activation of co-branded debit cards.

Aletor said the essence is to ensure that new customers receive their debit cards the same day of account opening and request.

Other strategic partners include Appzone Nigeria Limited, Interswitch (Quickteller), Remitta, EnterpriseHubs, Zenith Bank, Keystone Bank, FCMB, and Pngme, among others.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.