.The Guardian special focus on value-driven chief executives sustaining MSME development in Nigeria
The Nigerian Spirit: Josh Oyebisi and Mutual Trust MFB’s Vision for Transformative Impact
In the dynamic landscape of Nigerian finance, one name stands out for his visionary leadership and unwavering belief in the nation’s potential: Josh Oyebisi, ACIB, MBA, FICA, FIMC, MIOD. As the seasoned CEO steering Mutual Trust Microfinance Bank (MFB), Oyebisi embodies a strategic approach rooted in what he proudly calls “the Nigerian spirit”. With an illustrious career spanning 23 years across insurance and banking, including impactful tenures at Standard Trust Bank, First Atlantic Bank, and notably as Chief Marketing Officer at Fortis MFB Plc, where he spearheaded the SME division in Abuja to amass assets exceeding N15 billion across 14 branches in a short period.
Oyebisi’s impressive professional journey is fortified by a robust educational background, including an MBA from Lautech University, CBN-MCP Certification, a CBMBA from Bangor University, UK, where he is a Chartered Banker and certified Green Finance practitioner. He participated in the Lagos Business School’s Certified Executive Program and is pursuing a Doctorate in Business focusing on ethics and strategy. A distinguished Fellow of the Institute of Credit Administration Nigeria and Institute of Management Consultants Nigeria and London, his leadership garnered prestigious accolades, including the Most Astute MD/CEO of the Year award at the Nigeria Credit Industry Awards 2021 and recognition from The Guardian newspaper for impactful contributions to financial intermediation.
Under Josh Oyebisi’s guidance, Mutual Trust MFB’s success is deeply intertwined with its core philosophy: a profound belief in the Nigerian system and market. “This is a market that is deep, it’s our market, and we know our people,” he asserts, emphasizing the importance of taking the lead to benefit all stakeholders. The bank taps into the inherent industriousness of Nigerians—a people who are “thrifty, business-like,” and constantly “on the go”. This understanding fuels a grand vision: to transform the microfinance landscape and affect millions of lives, drawing inspiration from global success stories of microfinance institutions with tens of millions of customers. This understanding of society is key, as “what makes different sectors of the federation tick” varies, leading to culturally specific products. For instance, products leverage the strong cultural tradition of loan repayment in the Southwest, offer profit-sharing solutions where interest is not viable, and provide specialized support like solar loans for farmers in the North and Middlebelt.
Mutual Trust MFB’s approach to growth is characterized by creativity and an intimate understanding of the market’s diverse needs. The bank develops bespoke products tailored for SMEs, small households, consumer spending, and salary earners—innovations so effective that they have been widely copied by others in the subsector, including prominent commercial banks.
Technology serves as a critical backbone for Mutual Trust MFB’s rapid expansion and service delivery. From its inception, the bank invested heavily in core banking software and adopted a design focused on providing “sterling services” and “ease of doing business” for the fast-paced Nigerian customer. This technological foresight has allowed the bank to scale significantly, acting as an innovator in leveraging software to serve hundreds of thousands of customers. Through its mobile application, Mutual Trust MFB transcends geographical barriers, enabling customers to access loans and conduct business even in locations the bank has not physically established a presence.
Crucially, Mutual Trust MFB is a champion for Micro, Small, and Medium Enterprises (MSMEs), recognizing their vital role in the national economy. The bank has played a pivotal role in democratizing credit relationships, making loans more accessible to small traders by analyzing parameters differently from conventional banks. Since as early as 2016, the bank has offered products based on business turnover, significantly contributing to the nearly two trillion naira in credit rolled out to small businesses across the industry in recent years. Beyond funding, Mutual Trust MFB invests in capacity building through CSR initiatives, offering training to MSMEs in basic bookkeeping and accounting. This empowers businesses to maintain records, prevent over-leveraging, and ensure sustainable growth.
In an economic climate marked by uncertainties, Mutual Trust MFB stands firm on its commitment to responsible and ethical lending practices, safeguarding its balance sheet and the welfare of its clients. The bank meticulously evaluates customer needs, ensuring that loans are appropriately sized to capacity, rather than being driven by a desire to scale recklessly. This proactive approach to credit assessment involves detailed analysis of a customer’s business, market, and economic realities, guiding them away from speculative ventures towards realistic financial growth. Hundreds of officers are regularly trained to provide sound financial advice, emphasizing the ethical imperative—aligned with United Nations Development Goals—to avoid burdening customers with unmanageable debt. By putting itself “in the shoes of the customer” and subscribing to rigorous economic analysis, Mutual Trust MFB protects its balance sheet and fosters a sustainable lending ecosystem.
Looking ahead, Mutual Trust MFB envisions an expansive future over the next five years. The plan is to digitally extend its lending reach to all states in the Federation and continue to support MSMEs and SMEs across the country, adapting to the evolving Nigerian society and economic stability. There is also a strong aspiration to spread its services to other countries within the sub-region, sharing its proven model for empowering communities.
At the heart of Josh Oyebisi’s relentless drive is a profound personal mission rooted in a Judeo-Christian tradition: the belief that true blessings come from affecting large numbers of God’s creation. This conviction transforms “service to humanity” from a cliché into a deeply personal paradigm, inspiring him to build institutions and craft products that impact a mass of people, thereby fulfilling his mission to scale societal benefit.
Mutual Trust MFB, under the astute leadership of Josh Oyebisi, is not just a financial institution; it is a testament to the power of the Nigerian spirit, leveraging innovation, cultural understanding, and ethical practice to empower individuals and businesses, shaping a future of widespread prosperity.
Empowering the Engine of the Economy: How Assets Microfinance Bank is Revolutionizing SME Growth the “Assets Way” Emmanuel Bassey Managing Director, Assets Microfinance Bank.
In the dynamic landscape of Nigeria’s economy, Micro, Small, and Medium Enterprises (MSMEs) stand as the undeniable powerhouse, driving innovation, employment, and wealth creation. Yet, these vital businesses often face unique challenges in accessing tailored financial solutions and strategic support. Stepping into this crucial role, Assets Microfinance Bank (MFB) has emerged as a beacon of growth, championing the cause of MSMEs with a distinctive, forward-thinking approach. At the helm of this transformative institution is Emmanuel Bassey, the seasoned CEO, whose extensive background and unwavering commitment are charting a new course for SME empowerment.
Emmanuel Bassey’s journey in the financial sector is a testament to his diverse expertise and dedication. Having traversed various critical roles—from customer service and consulting to marketing, corporate strategy, products management, and business performance—he possesses a panoramic understanding of the banking system. His career has seen him work across multiple institutions, including an international microfinance group operating across different continents, all while focusing on serving MSMEs. With over a decade in the microfinance industry, Bassey’s driving force has always been the profound impact of providing targeted financial support to businesses that truly utilize these funds for growth, recognizing the significant value created at the grassroots level. “It’s been just an interesting ride trying to serve MSMEs, and see how much of value that we create,” Bassey notes, emphasizing the tangible difference made in people’s lives.
Assets Microfinance Bank’s success is deeply rooted in its core philosophy: understanding and responding to the genuine needs of its clients. The bank acknowledges that MSMEs drive the Nigerian economy, yet their specific requirements are often unmet by generic financial products. This understanding forms the bedrock of what Bassey terms “the Assets way.” The bank doesn’t just offer off-the-shelf solutions; instead, it actively engages with its SME clients to uncover their precise needs, then crafts bespoke products that go “beyond the regular products you see in the market”.
This customer-centric approach is enshrined in Assets MFB’s core values, making customer centricity, partnership, and innovation the pillars of its strategy. Partnerships are not just buzzwords but a major strategy that ensures end-to-end success for businesses. The bank prides itself on having witnessed customers grow significantly, a testament to its commitment to ensuring funds are “targeted and deployed right,” helping to dismantle barriers to growth. Furthermore, customer service is embedded in the bank’s culture, offering 24/7 availability and going beyond traditional account officers to provide comprehensive support. The more the bank converses with its customers, the more it identifies needs that require continuous product innovation to solve. This adaptability to customer feedback, enabling quick diversification of its portfolio, has been instrumental in Assets MFB’s tremendous growth.
In an era defined by rapid technological advancement, Assets MFB has proactively leveraged innovation to enhance its reach and service delivery. Recognizing that their clientele extends far beyond their Lekki base, spanning across Lagos and nationwide, the bank embarked on a significant digital transformation. This involved building a comprehensive digital banking platform from scratch, tailored for both corporate and individual clients, with a dedicated interface for SMEs. A standout innovation born from customer insights is “Olivia,” a product designed to help traditional store owners transition seamlessly into the digital marketplace. By simply opening an Assets MFB account, clients can instantly own an e-commerce store as part of an upgraded system, allowing them to sell their products online to a wider audience. This technological leap has expanded the bank’s reach, attracting new customers nationwide, while still maintaining a focus on local communities and personal engagement. The bank is also developing payment services for online sellers, helping them build legitimacy and trust in the digital sphere.
Assets MFB’s approach to lending is characterized by responsibility and a deep understanding of its clients’ businesses. They understand that sustainable growth is achieved by not over-financing or under-financing businesses, but by providing the right kind of funding at the opportune moment. This involves a rigorous process of understanding the client’s business model, its history, seasonality, the purpose and impact of the loan, and ultimately, its repayment capacity. Bassey explains that this diligent assessment, supported by banking statements and cash flow analysis, aligns with the Central Bank of Nigeria’s push for financial inclusion, enabling better-informed lending decisions. He also clarifies the essential business logic behind the differing interest rates for savings and loans, emphasizing that it accounts for the bank’s role in making smart investment decisions, managing risk, and sustaining its operations while paying back savers and making a profit.
Looking ahead, the future of Assets Microfinance Bank is ambitious and impact-driven. Emmanuel Bassey’s primary motivation remains the tangible positive change the microfinance industry brings to grassroots communities, empowering them and fostering a vibrant economy. For the next five years, Assets MFB plans to rapidly expand its footprint and product offerings, aiming to touch the lives of every SME “the Assets way”. This involves segmenting the diverse SME market—from agriculture and importers to traders—and developing multiple, specialized products to meet the unique needs of each group. The vision extends to connecting entire value chains and empowering SMEs, for instance, enabling a cassava farmer in a rural village to sell to customers across Lagos through an Assets account and a live e-commerce store. With enhanced technological capabilities and an unwavering commitment to financial inclusion, Assets Microfinance Bank is poised to become a national household name, establishing a widespread presence through branches across Nigeria to serve as many people as possible, including online sellers who often lack access to traditional funding.
Assets Microfinance Bank, under the visionary leadership of Emmanuel Bassey, is more than just a financial institution; it is a dynamic partner for growth, dedicated to empowering Nigerian MSMEs. Through its steadfast commitment to customer-centricity, strategic partnerships, continuous innovation, and responsible technology integration, Assets MFB is not merely providing financial services; it is redefining the very landscape of SME support, promising a future where businesses thrive, and the economy flourishes through the “Assets way”.
