Solid Allianze Micro Finance Bank Limited has commenced operation in Lagos with the set target to close the market gap in access to loan by small and medium scale enterprises.
Though having been registered as a unit, the bank with authorized share capital of N100 million and paid up share capital of N46 million, is targeting becoming a state micro finance bank.
Chairman of the bank, Folasade Jacobs said the passion to establish the bank was driven by the desire to support the larger population in the informal sector, that is, the artisans and less privileged who cannot get loan facilities from the commercial banks.
“Quite a large percentage of our population is in the informal sector and needs a lot of assistance to step out of the poverty circle and grow their business, and that is why we have come,” Jacobs said.
“This is guided by our vision as a socially responsible organisation, professionalism, innovation, integrity, collaboration and expertise (SPIICE).”
The company which currently operates from its Shomolu head office during the opening ceremony hosted a large crowed from the shomolu community and environs including the local government, traditional rulers, market men and women and as well as other micro finance banks and the Central bank of Nigeria.
Akintunde Adeniyi, managing director of the bank said the company has seen the market gap in the banking industry and so has prepared its self to provide that missing link, assuring that its customers would be happy as they do business with the bank.
“Because of our target market, we can take as low as N200 as minimum opening balance and you can save and withdraw through any branch of Stanbic IBTC Bank nationwide,” Adeniyi said.
Okpoko Ezewu, other financial Institutions Supervision Department, CBN who was also at the event pointed at the huge potential in the micro finance bank, stating that the local economy would be strengthened with the coming of the bank in the shomolu environment