About Us

Rehoboth Microfinance Bank Limited is one of the leading Microfinance Banks offering a wide range of affordable, dependable and specialized financial services/products. The bank was licensed to carry out microfinance banking business in January 15, 2008. However, the bank commenced banking operations on the 18th of March, 2008. It has a Paid up Share Capital of N100 million as at December, 2012.

The bank’s Corporate Office is strategically located at 13, Aweh Crescent, Off Aladiye (Chicken) Market, Onipanu, Shomolu, which affords it accessibility to the Onipanu chicken and fruits market traders, printers scattered all over Shomolu, surrounding markets and micro businesses around Shomolu and its environs.

It was the bank’s strategic intent to respond to the service gap in the informal sector and in line with the enabling framework created by the CBN for the operation of Microfinance banks in Nigeria that gave rise to the establishment of this subsidiary. The MFB was therefore established to meet the financial needs of small businesses, the underserved and un-banked public.

The MFB has impacted its numerous clients and other stakeholders in many positive ways. The bank has weathered the storms of both the global economic down turn as well as the financial sector stress in the country and emerged stronger.

With its relatively strong capital base, and the huge demand for financial services within the Nigerian microfinance market segment, The MFB is set to harness opportunities that have been created in the market.

Though part of the strategic objectives is to have its presence nationwide, The MFB currently operates in 3 locations within Lagos via 3 branches/Unit across the state with 1 meeting point.

FINANCIAL PERFORMANCE

The bank continued to record steady growth in its assets over the year. The balance sheet has grown from N546m in 2014 to N587m in 2015. The bank’s customer base increased from 12,487 in 2014 to 14,085 in 2015. The bank however, made a net loss before tax of N61m in the year under review. This was primarily due to provision of N86m made for non-performing assets during the year as required by CBN.

DESCRIPTION	2008	2009	2010	2011	2012	2013	2014	2015
PAID UP CAPITAL	N20MM	N53.6mm	60.07mm	63.2mm	N100mm	N100mm	N100mm	N100mm
CUSTOMER BASE	1,935	3,087	4,438	6,693	8,586	10,372	12,487	14,085
BALANCE SHEET	147mm	163mm	158mm	236mm	421mm	527 mm	546 mm	587m