Leading financial institutions in Nigeria, Loma Bank has expanded its offerings to provide affordable financial services to underserved Nigerians.

Chief Operating Officer Ayomide Olupitan made this announcement in a statement yesterday, explaining the bank’s commitment to financial inclusion.

“Financial inclusion has been a major topic, but we believe in delivering services that are not only accessible but also rewarding.

According to him, we’re just getting started. Our mission is to redefine digital banking in Nigeria,” he said.

He said, in the World Bank, approximately 40 million Nigerian adults remain unbanked, representing 36 per cent of the adult population.

This financial exclusion is influenced by factors such as poverty, a lack of access to banking infrastructure, and low financial literacy.

The global bank noted that Nigeria’s financial inclusion rate lags behind the global average of 76 percent and is significantly lower than that of countries like South Africa and Kenya.

Since its launch, Loma Bank claimed it has registered over 30,000 active accounts, a testament to its successful platform that combines high-yield investments, competitive loan rates, and streamlined banking services.

The bank’s mobile application allows users to easily open accounts, manage savings, access loans, and invest, the financial operator said.

Additionally, Loma Bank has recently launched an API designed to integrate with financial systems, facilitating seamless transactions for businesses.

Chief Information Officer of the bank Samuel Ojerinde indicated that with rising inflation and uncertain economic conditions, Loma Bank’s focus on financial inclusion comes at a critical time.

He commented that the bank’s leadership believes its digital platform will help individuals and businesses navigate these challenges effectively.

“Our technology is designed to evolve with the needs of Nigerians. We will continue to roll out innovations that keep Nigerians ahead financially,” he added.