Lovonus Microfinance Bank has unveiled plans to deepen financing for micro, small and medium-sized enterprises (MSMEs) as well as cooperatives over the next five years, as it positions itself for sustainable growth in a challenging economic environment.

The bank is also set to evolve into a more technology-enabled and impact-driven microfinance institution, with a focus on expanding digital channels and partnership-led outreach.

The strategy is aimed at widening access to financial services while improving efficiency and customer experience.

Managing Director and Chief Executive Officer, Adeola Ayibiowu, said the lender will strengthen its capital base and governance framework as part of efforts to play a more visible role in grassroots economic development.

He explained that the lender is leveraging digital tools to enhance customer onboarding and documentation, enable digital repayments and account access, improve credit monitoring and reporting, and significantly reduce loan processing time.

According to him, the overarching objective is to lower the cost of serving customers while delivering a more seamless banking experience.

Ayibiowu noted that despite mounting economic pressures, the bank has continued to preserve the quality of its loan portfolio, reflecting a cautious and disciplined approach to lending at a time when many microfinance institutions are grappling with rising defaults.

He disclosed this in an interview, stressing that Lovonus’ performance is anchored on quality growth rather than aggressive expansion in a volatile macroeconomic environment.