MoneyTrust MfB Begins Operation, Targets 50% Under-banked Population

LAGOS, (Sundiata Finance) – MoneyTrust  MFB, a newly licensed multi-purpose Microfinance bank approved by the central Bank of Nigeria (CBN), has opened operation with a view to provide banking services to the over 50 per cent unbanked population and promote financial inclusion.

The vision of the bank which is located at Admiralty way, Lekki is to be the leading solutions-driven bank in Nigeria. To achieve this, the bank is focused in playing strong emphasis to people, strong corporate governance, core values and other assets.

“We want to be a bank that is integrated into our core customers’ aspiration by adding value. It is not just about prompt services but being a dependable partner you can rely on”, Chike Memeh, managing director/chief executive officer said in Lagos at the official opening of the bank.

He said the bank is the one out of 1,000 microfinance banks that has enterprise risk manager, adding that the bank will make a difference because it has quality staff and strong corporate governance.

Some of the products offered by MoneyTrust MfB include mom-prenuer (MP), which is targeted at women empowerment; youth-preneur, which is targeted at innovation and enterprise; pool funds management; cooperative partnership plan; as well as micro health scheme.

“We have tailor-made account types suited for various cadres in the public. Apart from the traditional current, savings and fixed deposit accounts, some of our unique products are targeted at kids, youth, parents, small business owners, associations, religious bodies and others”, Memeh said.

The managing director said the bank’s core area of operation is research and development aimed at understanding the thinking of people and what makes man to default. “We are setting up a strong risk management culture to ensure that loan losses are minimised.

Furthermore, he said the bank has different loan types targeted at addressing the specific business needs. He said customers can visit the bank’s website to apply for loans that suit their needs or visit the office and discuss with the dedicated relationship executive.


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