Fit Group of Companies, an Enugu based conglomerate, has launched a microfinance bank with a capital base of over N250 million, focusing on real estate developers.
Loretta Aniagolu, chairman, Fit Group, while speaking after the commissioning of the bank, said that the Group delved into the banking sector to build a value chain.
According to her, the bank would at some point begin to give people loans at discounted rates to enable them build houses.
“Real estate touches different sectors. It is not just about houses being built and sold, everything we use today is real estate, whether residential home, school, hospital or hotel, they are all pieces of real estate.
So what we are trying to bring to the knowledge of Nigerians and the government is that building an economy requires a strong backbone in real estate development,” the chairman said.
She said that real estate affects every aspect of life and creates jobs.
“Nigerians are expected to be honest and shone corruption at work and business, but there is no opportunity to get credit to buy houses. Venturing into banking means we can now provide some credit, and with this credit, growing this bank, ultimately, our goal is to begin at some point to give loans to people at discounted rates to build their own houses.
“When you own a home, your dignity is restored as a human being, and there are lots of things that come with it. You can do business, you can mortgage your home, and you can use it to pay school fees and all sorts of things.”
On the interest rate, the chairman noted that it depends on what the Central Bank regulates. “If the Central Bank puts a very high interest rate, you are not going to come in as a bank and start undercutting what they have put in place,” she explained.
Read also: We are in the financial market to target active low and medium-income classes – Okpeh, FIT MFB CEO
She noted that the bank would help its customers with financial advisory and that security is guaranteed as it is backed by a real estate company.
“I don’t know how many microfinance banks whose ultimate goal is to make home ownership a possibility. So, this bank stands out.”
Okpe Andrew, managing director of the bank, noted that Fit Microfinance Bank is the second he is setting up, and will work to make the bank a leading microfinance bank in the South East.
The new microfinance bank, according to him, comes with many features and services such as; banking career, digital space, mobile app, financial advisory, community service, underbanked sector and blockchain technology.
Others are: secure transactions, POS expansion, network challenge, technology leverage, cooperative groups, credit facilities, investment opportunities.
Okpe, who have spent 21 years in the banking space, said, “We just started with a capital base of N250 million, hopefully with the cooperation I am getting from the Fit Group, we will be the leading microfinance bank because we are leveraging on technology, innovative technology, digital space, that is where we intend to be.”
According to him, the bank will be launching Fit Fit, a mobile app by January 2025 that will give customers the opportunity to open accounts online.
“You can access credit facilities. We also as part of our community service, leveraging our financial advisory, are organizing cooperative groups in various communities to teach them how to grow their wealth, and also partner them to support their businesses to grow.”
On his part, Nnanyelugo Onyemelukwe, deputy president, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), commended the board members of the bank for the great project, while urging the organised private sectors to patronize the bank.
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