Tuesday, February 27, 2024
HomeBusinessDavodani MfB pledges to fund SMEs

Davodani MfB pledges to fund SMEs



DavoDani Microfinance Bank has reiterated its commitment to giving Small and Medium Enterprises access to funds, to enable grow their businesses.

The founder and Chairman of the Board of Directors of DavoDani MfB, Mr Austin Enajemo-Isire, said this at the opening ceremony of the bank’s 11th branch in Ajah, Lagos.

He said, “The bank is making efforts to address these challenges of bringing the unbanked, underbanked, and underserved into the financial system.

“We are closing the gap and attending to those who are at the bottom of the pyramid, those SMEs that are finding it difficult to access funding that is why we are into the business.”

According to Enajemo-Isire, the bank decided to open its 11th branch in Ajah to expand its visibility.

He added that the Bank has assisted a lot of businesses that were dying, but today they are surviving, expanding, and providing employment.

The Managing Director of the bank, Mr John Ologe, claimed its expansion strategy was driven by its strong commitment to delivering exceptional leadership in the microfinance sector and offering responsive financial services to the grassroots.

Ologe said the bank was dedicated to customer-centric practices, with a core mission to empower micro-entrepreneurs by granting them unrestricted access to sustainable financial services.

DavoDani MfB boss noted that the bank had a policy that was focused on covering every part of Lagos.

According to Ologe, it is better for a bank to get closer to the people.

He said, “For us, even the current economic situation is creating business from the SMEs segment because our major business as a bank is to provide funding. Business owners now must get funds or loans triple the amount they usually request, because of inflation and the issue with the foreign exchange rate.

“Now, people need more money to do business than before. We are here as a bank to provide business owners with the financial support that they need to thrive. People are losing their jobs, and they must set up small businesses to trade and these businesses need support.”



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