Financial institutions pledge to reshape microfinance sector

City Gate Global and Empire Trust Microfinance Bank have expressed their commitment to reshaping the microfinance banking sector, pledging increased support for Small and Medium Enterprises (SMEs) and other key sectors of the economy.

This move comes as the country faces growing demand for accessible financial services to drive inclusive economic growth, particularly for underserved communities and businesses.

The two financial institutions, while acknowledging the significant role that SMEs play in Nigeria’s economic development, said they would be involved in micro-lending and micro-banking to provide tailored financial solutions designed to address the funding gaps and operational challenges that small businesses face.

Group Managing Director of City Global and Chairman of Empire Trust Microfinance Bank, Seun Durojaiye, who spoke during the unveiling of the institutions’ headquarters in Lagos, said they are poised to redefine microfinance banking in Nigeria as they are committed to taking the business to another level.

Also, President and Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olarewaju, said the inauguration is not just a testament to the bank’s resilience and ambition but a reflection of the critical role that microfinance bank plays in driving financial inclusion and economic empowerment in Nigeria.

He said that microfinance had always been at the forefront of bridging the gap between the underserved and the financial mainstream.

In her remarks, Managing Director, City Gate Global, Toyin Oluwawunmi, said that the milestone demonstrates the institution’s commitment to growth and innovation. She, however, pledged that the company would meet the financial needs of individuals, businesses and communities.