DDMFB commit to youth empowerment, foster financial inclusion

DavoDani Microfinance Bank (DDMFB) has reiterated its commitment to transforming lives and fostering financial inclusion as it marked its 10th anniversary.

At the event themed “A Decade of Transforming Lives,” the Founder and Chairman of the Board, Prince Austin Enajemo-Isire, emphasised the bank’s significant contributions to youths and Small and Medium-Sized Enterprises (SMEs) through financial support.

Reflecting on the bank’s journey since its establishment in 2014, Enajemo-Isire recounted how DDMFB started by acquiring a struggling microfinance institution that was facing financial difficulties and capital impairment. The transformation began with an initial capital injection of N20 million, followed by further investments that led to the bank securing a state operating license from the Central Bank of Nigeria (CBN).

He highlighted the bank’s mission to provide accessible financial services to underserved, underbanked, and unbanked communities. This commitment, he noted, has significantly contributed to economic empowerment, enabling small business owners and young entrepreneurs to access capital, create jobs, and improve their living standards.

From a single-branch operation at the time of acquisition, DDMFB has expanded to 11 branches with a workforce of about 200 employees. The bank’s assets have grown to approximately N10 billion, with a shareholders’ fund exceeding N3 billion an impressive turnaround from the deficit of N5.4 million recorded in its early days.

Acknowledging the challenges in the financial landscape, Enajemo-Isire reaffirmed the bank’s dedication to providing innovative financial solutions. He also expressed pride in the bank’s numerous accolades, including the BusinessDay Banks and Other Financial Institutions (BAFI) award for “Best Microfinance Bank in Growth and Strategy Expansion” and the “Innovative MFB of the Year” award from the Kosofe Chamber of Commerce and Industry.

Speaking on the bank’s societal impact, he emphasised that success is not only measured in financial growth but also in the number of individuals and businesses that have been empowered. He stressed that economic inclusion should be a fundamental right rather than a privilege, urging stakeholders to continue supporting efforts to expand financial accessibility.

Looking ahead, Enajemo-Isire assured that DDMFB remains committed to further expansion and innovation to adapt to the evolving financial landscape. He pledged that the bank will continue leading efforts to deepen financial inclusion, providing more opportunities for entrepreneurs, and contributing to national economic growth.

In closing, he extended gratitude to customers, funding partners, shareholders, employees, and regulators, particularly the CBN and the Nigeria Deposit Insurance Corporation (NDIC), for their unwavering support. He urged continued collaboration to ensure that financial services remain accessible to all, securing a brighter future for individuals and businesses alike.