By Lydia Ngwakwe
Lagos, July 7, 2021 Infinity Microfinance Bank Ltd on Wednesday unveiled to Nigeria’s commercial hub a new logo, to recognise its unending growth, vibrancy and success.
The Group Managing Director of the bank, Mrs Clara Oloniniyi, said at the unveiling in Lagos that the recognition followed the successful 20 years of the bank in business.
According to her, Infinity Microfinance Bank now has over 40 branches in Lagos State.
Naija247news reports that Inifinity Mircofianace Bank Limited is an organisation that assists members to start small businesses, make their small businesses grow and also improve large scale businesses.
The bank, established in 2001, kicked-off its microfinance business as savings collector and money lenders (Alajo).
“We are unveiling this logo today to appreciate our unending growth, vibrancy and success, following the successful 20 years of doing microfinance business in Nigeria,” she said.
The managing director said that the bank witnessed a smooth and steady transformation without hitches during the period.
She said, “ Infinity Microfinance Bank Ltd transformed from savings collector and money lenders to community bank in 2005 with required N5 million Capital Base.
“In 2007, the Federal Government proscribed community banks and came up with microfinance banks.
“ Infinity Microfinance Bank also got the license with required N20 million capital base.
“ However, today, I am proud to announce to Nigerians that the Infinity Microfinance Bank Ltd is now a state microfinance bank, operating on over N1 billion capital base.
“ This microfinance bank is the 14th microfinance bank that was licensed by the Central Bank of Nigeria in 2007,” she said.
According to her, the bank will continue to assist traders with loans required to start-up good business.
One of the shareholders of the bank, Mr Jonathan Abaniwonda, commended the bank for standing tall among other microfinance banks.
“To my surprise, this bank that started as savings collector and money lender performed extremely wonderful compared to other microfinance banks that started operations with Euros.
“Infinity Microfinance Bank today is among the top retail microfinance banks in Nigeria by customer base. The microfinance bank with 250 staff across 40 branches in Lagos,” Abaniwonda said.
Mr Oloniniyi Tope, the Chief consultant of the bank, expressed optimism that the bank would soon become a national microfinance bank to reckon with.
“As the chief consultant to the bank, feasibility studies on ways to hit such target in short time have kicked-off,” he said.
The consultant, however, appealed to President Muhammadu Buhari to consider post COVID-19 intervention for microfinance banks, to enable them to improve on the financial empowerment to Nigerians.
“I want to appeal to Buhari to support microfinance banks with easy loans without complicated requirements for accessing the funds,” he said.
Beaides, he said the bank was ready to do more exploits, with the unveiling of its new logo
Infinity Microfinance bank unveils new brand Identity
By Lydia Ngwakwe