Chike Theo Ohiagu, Managing Director and Chief Executive Officer of the bank who disclosed this last week in Lagos during the official opening ceremony of the bank, explained that the amount would enable it expand its network of branches.
“By virtue of the laws governing the operation of microfinance banks in Nigeria, Daily Capital Microfinance Bank presently falls within the category of a unit microfinance Bank but with an authorised and fully paid –up share capital of N150million in excess of the minimum N20million capital requirement for unit microfinance banks.This level of capitalisation places our bank as one of the highly capitalised MFBs in the country.
“Already, we are already at an advanced stage to beef up our capital base to the tune of N1billion within the next six months. This will equip our bank with the necessary working capital to expand our operations and create the reach by establishing additional branches throughout Lagos state. This effort will also strengthen and position our bank appropriately and give us a vantage edge to offer our specialised products and services to the entire Lagos ”
We are also holding discussions with sister banks and other firms who have approached us to explore collaborative ways of offering affordable and modern e-banking facilities to our customers. Ohiagu said. As part of its strategy towards ensuring job creation, The DCBank boss said would engage the services of unemployed people to clean designated areas within its local government of operation.
“As a good corporate citizen, we are interested in improving the quality of the environment of our business. We are currently discussing with a concerned group to explore collaborative ways to clean designated streets within the local government area where we operate. This effort will create jobs for the unemployed. This will help them to improve their quality of life” he noted.
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