Firm commits to promoting financial inclusion

The chairman and founder of DavoDani Microfinance Bank Limited, Prince Austin Enajemo-Isire, has reaffirmed the bank’s commitment to fostering financial inclusion as it marked its 10th anniversary.

The bank’s 10th-anniversary ceremony and rebranding of its logo were held recently in Lagos.

Speaking at the event, Enajemo-Isire said, “For the past 10 years the microfinance bank has been at the forefront of fostering financial inclusion in the country by providing financial services to the underserved, unbanked, and those excluded from the formal financial system, and especially low-income individuals and rural communities.”

Enajemo-Isire stated that the bank’s vision is to remain a distinguished leader in delivering microfinance and other financial services sustainably, empowering clients to attain financial freedom with its 11 branches strategically located across Lagos State.

“We remain committed to the bank’s entrepreneurial empowerment initiatives, which have significantly contributed to economic growth at both the grassroots and mid-level sectors,” he stated.

The keynote speaker, a retired and former director of the Central Bank of Nigeria, Mr. Patrick Akpala, while delivering his speech, highlighted the remarkable growth of microfinance banking in Nigeria over the past two decades, emphasising its role in financial inclusion and economic development.

He said since 2005, the sector has expanded into a formidable force, with 813 licensed MFPs, N3.156tn in assets, and over 61.3 million depositors.

Akpala credited financial technology for driving this progress but warned, “The rapid digital disruption in microfinance banking must not outpace our ability to manage risks. Cybersecurity, money laundering, and data privacy must remain top priorities.”

Akpala noted that institutions like DavoDani Microfinance Bank, which grew from a unique MFP to a state MFP with N3bn in shareholder funds, exemplify the sector’s potential. As competition intensifies, Akpala urged resilience, innovation, and regulatory compliance to ensure long-term sustainability.

On his part, the Managing Director and Chief Executive Officer of DavoDanni Microfinance Bank, John Ologe, said, “We are celebrating a decade of impact, resilience, and financial empowerment. For 10 years, Davodanni has fuelled businesses, uplifted individuals, and driven financial inclusion across Nigeria.

“This milestone is a testament to the dedication of our incredible team and the trust of our valued clients. Your hard work and commitment have been the foundation of our success.”

“As we look ahead, we remain steadfast in our mission to create even greater opportunities and empower more lives. The journey continues, and the best is yet to come,” he added.