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‘Our target is to become national MFB or regional commercial bank’

By Benjamin Alade, Gloria Nwafor and Opeyemi Babalola
28 November 2022   |   4:04 am
With a balance sheet size of N3.8 billion and loan portfolio of over N3 billion, DavoDani Microfinance Bank has stated that its long-term desire is to become a national microfinance institution or a regional commercial bank that will serve the underserved market.

Managing Director, DavoDani Microfinance Bank, John Ologe (left); Director, Chief Simeon Ohwofa; Group Head, Audit & Compliance, Tony Ozore; Group Head, Operations/ CFO, Ayotomi Ayodeji and Group Head, Business Development, Oluwasogo Kolawole during a courtesy visit to The Guardian in Lagos yesterday. PHOTO: MIRIAM OPARAOCHA

With a balance sheet size of N3.8 billion and loan portfolio of over N3 billion, DavoDani Microfinance Bank has stated that its long-term desire is to become a national microfinance institution or a regional commercial bank that will serve the underserved market.

The bank equally explained that aside technology, its resilience has been as a result of deploying a system that provides personal touch to meet up with customers needs, adding that this has become necessary to hedge competition and cater to the peculiarities of the micro, small and medium enterprises (MSMEs) space.

Managing Director/Chief Executive Officer, DavoDani Microfinance Bank, John Ologe, said this yesterday, when the organisation visited Rutam House, headquarters of The Guardian Newspapers, to create a mutually beneficial relationship.

According to him, most banks doing well in Nigeria today is as a result of how well their customers have been served through quality service delivery and personal touch.

“Technology as good as it is, using it for MFBs is a bit challenging due to the operating environment. We focus on SMEs and are looking at fairly well-structured SMEs. We are not closing our eyes to technology, because we have to apply it, so we don’t go out of existence. Technology is good but there must be some personal touch. We manage our risk better and retain our customers,” he said.

On pricing, interest rate and access to funding, Director, DavoDani Microfinance Bank, Simeon Ohwofa, who said running a MFB business takes a lot, explained that conditions for lending is a bit less, while credit appraisal ratio is flexible in terms of market definition.

He hinted on how the firm, most times, goes out of its policy to ensure customers’ satisfaction, considering the challenges facing the macroeconomic environment.

“We are not only interested in making profit but also how we help our customers grow. We listen to them and map out possible ways to make their businesses succeed,” he said.

The lender boasted how it had evolved and grown over the years, as well as being fully complied and exceeded the new regulatory minimum capital regime by the Central Bank of Nigeria (CBN).

It added that the unveiling of its new logo recently, represents the brand and is now better positioned to provide unparalleled financial services to their customers.

Editor of The Guardian, Alabi Williams, assured the guests of a deepened relationship between both organisations.