• Wednesday, July 24, 2024
businessday logo


CBN approves Microcred Microfinance Bank national licence


The Microcred Microfinance Bank Nigeria (MCN) Nigeria Ltd says it has received approval from the Central Bank of Nigeria (CBN) to operate nationwide.

This in contained in a statement by Microcred Managing Director, Mr Olarewaju Kazeem, to newsmen on Thursday in Lagos.

Kazeem said that the approval was given after Macrocred increased its capital base to N1.4 billion in September 2015.

He added that the capital base qualified it to expand into new markets and new products outside Kaduna State, its operational headquarters.

“The Central Bank of Nigeria (CBN) has approved Microcred Microfinance Bank Nigeria Limited (MCN) request for National licence and its business expansion plan outside Kaduna State.

“MCN’s strategy is based on high quality customer services, innovative products and distribution channels focused on the under-served in Micro, Small and Medium Enterprises (MSME) and mass retail customer segments.”

Olanrewaju said the bank would deliver services that would surpass the expectations of Nigerians.

“MCN is blessed with seasoned professionals who are committed to taking the bank to another level through innovative products, technology, excellent customer service and friendly environment.

“The expansion will facilitate the full realisation of Microcred’s mission in Africa as a whole and Nigeria in particular,” he said.

The statement also reported Arnaud Ventura, the founder and Mr Ruben Dieudonné, Chief Executive Officer of Macrocred, as saying the approval would enable the bank to redefine the meaning of customer experience in banking.

Dieudonné said the approval had demonstrated that Microcred Group could run profitable and strong micro-credit banking in Nigeria.