In its commitment to ensuring that Nigerians, particularly low income earners, achieve the highest possible economic growth and a rising standard of living, First Bank of Nigeria Plc has launched its microfinance outfit, FBN Microfinance Bank Ltd (FBNMFB). Incorporated in March 2009, FBNMFB is a fully owned subsidiary of FirstBank, duly licensed by the Central Bank of Nigeria as a state microfinance bank to operate in the 36 states of the federation including the FCT.

At the official launching cerermony, which took place on Monday December 14^th, Special Guest of Honour, wife of the Executive Governor of Lagos State, Mrs. Abimbola Fashola, congratulated the Bank for the achievement and reiterated the support of Lagos State Government. Her Excellency remarked that launching the microfinance bank at a time when the world is grappling with economic and financial uncertainties, with the low income earners hit the hardest, is a worthy step from FirstBank towards uplifting the economic fortunes of Nigerians.

In her presentation, Mrs. Pauline Nsa, Managing Director, FBNMFB said the bank commenced operations in January 2009 with three branches and a fully paid up capital of N1 billion naira and now operates from 11 locations across Lagos State, having so far disbursed N326.33million in loans to 1,252 customers. 

 

Apart from leveraging the strong brand equity and financial strength of its parent company, FirstBank, FBNMFB’s other key strengths include its unique products, well-trained and experienced human capital, customer-centric approach to business, strong risk management policies, as well as the versatility and experience of the Board which has impacted on its corporate governance.

Mr. Ola Oyelola, Chairman of FBNMFB, laid out the vision of the bank; “to be Nigeria’s micro finance services provider of first choice.” FBNMFB mission is consistently develop a new generation of micro entrepreneurs by providing market driven products and services in a profitable and sustainable manner, thereby boosting economic development”. He further reinforced that the bank would promote a savings culture and entrepreneurship at grass root level.