Ibile Microfinance Bank Eyes Regional License in 2025
Ibile Microfinance Bank Ltd. says it has begun its upgrade from a state to a regional banking license that will cover the entire southwest of the country in 2025.
The chairman of the bank, Mr Kolawole Taiwo, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. The acronym IBILE represents the five divisions in Lagos State: Ikeja, Badagry, Ikorodu, Lagos Island, and Epe.
Ibile Microfinance Bank Ltd. was established in 2017 to ensure financial inclusion by serving the poor, rural farmers, the middle class, public servants, start-ups, small businesses, and SMEs, with the aim of growing the Lagos economy.
Taiwo stated that the bank had grown its capital base to over N10 billion, adding that plans were underway to list the bank on the Nigerian Stock Exchange soon. He said that, as a demonstration of its capacity, the bank would begin paying dividends to the Lagos State Government starting in April 2025.
He emphasised that even though the bank benefits from government partnership, it operates independently and is not a liability, hence its decision to start dividend payments. He further added that the bank was actively pursuing its vision of expanding to become a national bank.
“Currently, we are planning to transition from being just a state microfinance bank to, at the very least, covering the entire Southwest region.
“Following that, we will then consider pursuing national status.
“We are actively working on this; our teams are dedicated and persistent. We are providing them with the necessary support to demonstrate to the public that we are a viable bank.
“Our goal is to establish Ibile Microfinance Bank as a robust and self-sufficient institution,” he noted.
He also highlighted that the bank had increased its lending capacity to SMEs within the state by leveraging additional funding opportunities from the Bank of Industry and other international funds and grants.
Taiwo, a former Deputy Speaker of the Lagos State House of Assembly, elaborated on empowerment programmes for small businesses across the state.
He mentioned that in the Epe division, the bank was actively supporting fish farmers and collaborating with cooperative societies in Alimosho and all other divisions to ensure comprehensive economic inclusion for all residents.
“When we discuss economic inclusion, it’s about integrating individuals in the lower economic strata into the state’s economy.
“That is precisely what we are doing,” he explained. He noted that, in line with Gov. Babajide Sanwo-Olu’s vision to enhance financial inclusion, the bank had prioritised promoting women-owned businesses for accelerated growth.
He explained that female-led SMEs in the state were achieving significant results with limited resources, citing examples of women who accomplished substantial progress with loans as small as N50,000.
The former federal lawmake rKolawole Taiwo is a politician, administrator and statistician. Also, a former member of the Federal House of Representatives in the 9th National Assembly, representing Ajeromi/Ifelodun constituency, encouraged young people to invest further in developing their entrepreneurial skills.
He also outlined the bank’s efforts, through its presence in all local government areas, to boost agriculture for food security, as well as its civil servants’ empowerment schemes. Addressing the current global tariff hikes, he urged local entrepreneurs to enhance the value of their commodities before exporting to attract greater revenue.
Ibile Microfinance Bank Ltd. was established by the Lagos State Government and licensed by the Central Bank of Nigeria in January 2017. #Ibile Microfinance Bank Eyes Regional License in 2025 Impact of U.S. Trade War on Nigeria Likely Limited
