Lovonus Microfinance Bank has restated its commitment to deepen financial inclusion and leverage digital innovation to make banking more accessible to underserved and remote communities across the country.
As one of the country’s fastest-growing microfinance institutions, Lovonus said it is leveraging technology not just to streamline operations, but also to bridge the financial gap for millions of underserved Nigerians.
At the heart of the transformation is a strategic investment in digital platforms and mobile banking technologies, tools the bank views as essential for reaching remote and financially-excluded communities while simultaneously reducing operational overheads.
Managing Director and Chief Executive Officer of the bank, Adeola Ayibiowu, stated that the bank’s strategic use of digital innovation not merely as a cost-reduction tool but as a vital engine for improving service delivery and operational efficiency.
According to Ayibiowu, digitisation in the bank has gone beyond process automation to deliver tangible outcomes such as enhanced loan monitoring systems, more efficient loan recovery processes and significantly improved customer convenience. Ayibiowu stressed that at the core of Lovonus’ operations is a commitment to personalised banking experiences.
The institution resists a generic, one-size-fits-all approach to financial services. Instead, it conducts individualised assessments to offer bespoke solutions such as loan restructuring, tenure extensions, and temporary moratoriums.
This tailored financial support, he explained, strengthens customer loyalty while preserving the integrity of the bank’s loan portfolio, ultimately reinforcing the institution’s financial resilience.
He also pointed to the transformation of the bank’s credit portfolio, which has evolved to include more responsive and sustainable lending products such as structured credit facilities, asset-backed loans, and SME-targeted financing.
These offerings, he said, are designed with a deep awareness of Nigeria’s shifting economic landscape and the long-term needs of local entrepreneurs. Ayibiowu further highlighted the bank’s emphasis on financial literacy, noting that Lovonus actively equips clients with the knowledge they need to make informed financial decisions.
“Educated clients are more financially responsible,” he said. “They are less likely to default and more likely to grow, which is a win-win for both the bank and the customer.”
On risk management, Ayibiowu revealed that Lovonus has modernised its credit assessment frameworks to incorporate non-traditional metrics. He said the bank now analyses alternative data, including mobile money transaction patterns and behavioural indicators, to determine creditworthiness.
This, he explained, allows Lovonus to better serve informal sector clients who may lack formal financial documentation, broadening access without compromising risk standards.
