Nwannegadi Microfinance Bank Limited was incorporated on May 20, 2005 by the Corporate Affairs Commission, Nigeria. It obtained a banking license from Central Bank of Nigeria (CBN) on December 27, 2006 and commenced microfinance banking business on January 22, 2007 with an asset base of N32 million as unit microfinance bank.
Since inception, the Bank has provided excellent banking services and hence contributed to the economic growth and development of Orlu and its environs. It was incorporated as a limited liability company with its present head office, at No. 51 BSC Road, Orlu, Imo State.
The management in its resolve to bring the banking services nearer to the rural people embarked on massive awareness drive through electronic and print media, intimating rural dwellers of the importance of microfinance banking to their overall well-being. Their responses were overwhelming.
The Bank recorded a very impressive growth and currently occupies a prominent position in the Imo State and Nigeria microfinance banking industry growing its total liabilities from N32 Million as at the day of commencement of operation to N819 Million Naira as at 31st December 2015. The response of the people as validated by this result was an indication that the newly introduced microfinance banking in Nigeria has started making impacts on the socio economic development of the people.
Following its rapid changing economic and business environment, the Bank has at various times restructured its operations. For instance, before the end of 2007 the Bank began its expansion drive, which metamorphosed into opening a new branch at the popular Imo State International Market, Umuna Orlu. This new branch added impetus to the growing profile of the Bank and more importantly bringing the banking services to the doorsteps of the traders and artisans in the area.
The bank prides on a competent and visionary board, strong management team; a well-motivated and committed workforce and innovative products offering/rich cultural heritage. The management team led by Mr. Olowoye Olumide A (Managing Director/CEO), a seasoned and dogged microfinance administrator since assumption of office proved competent. Hence, experiences of significant improvements in all facets of its operations. As at the end of 2007 financial year, the bank had successfully written off all its set-up costs to the admiration of the board of directors. The quality of the management team and its staff had positioned the bank to be branded “the leading microfinance bank” within the south east Geo-political zone.
In 2008, the bank witnessed a tremendous growth as a result of change in leadership of the bank. This change followed the ordination of His Lordship, Most Rev. Dr. Augustine T. Ukwuoma, as the Catholic Bishop of Orlu Diocese in June 2008. The new bishop inherited the board leadership from the Bishop emeritus – Most Rev Dr. Gregory O. Ochiagha, while other members of the board of directors remain: Very Rev Fr Dr. Patrick Obinabu, Very Rev Monsignor John Ukwuoma, Her Excellency Prof. Mrs. Theresa A. Udenwa and Mr. Olowoye Olumide (MD/CEO).
A rapid transformation of the bank was witnessed following the ascension of the new board into the leadership of the bank. Members of the board proved to be seasoned administrators, introduced their aggressive expansion drive with the sole aim of bringing banking facilities especially to rural dwellers. This culminated into the establishment of another branch at Amaifeke, Orlu.
To crown the effort of the management in the year 2008, the bank was awarded the conferment of membership of the International Institute of the Micro-Credit Administration Italy in December 2008 and an approval to open a skill acquisition centre which metamorphosed into Nwannegadi Training Centre was secured.
In 2009, the success made in 2008 had a spillover as the bank took a step further into another local government area, Njaba LGA following approval by the Board of Directors to establish two new branches at Nkume and Umuaka villages bringing the total number of the bank’s operating offices to five branches including the head office.
The launching of Nwannegadi Training Centre (an affiliate of International Institute of Micro-Credit Administration came on board in 2009 with over 40 students. Some of the graduates of the training centre are today working with banks and other financial institutions in Nigeria.
The year 2009 was climaxed with the award of the best Microfinance Bank in Orlu Zone by the Gents Circle International Nigeria.
In the Year 2010, the bank had successfully organized its first Annual General Meeting, and migrated from the QuickBooks as operating software to Orbit automated, and fully integrated software developed by Neptune Software Ltd.
In the same year, the bank took a step further in staff development when it successfully produced four certified microfinance bankers under the CBN/NDIC/CIBN compulsory management certification programme. As at date, we make bold to say that all the management personnel of Nwannegadi Microfinance Bank have been duly certified as microfinance practitioners by the Chartered Institute of Bankers of Nigeria.
In 2012, the bank secured the approval of the Central Bank of Nigeria as the First State Licensed Microfinance Bank in Imo State, Nigeria. It further introduced a decentralized structure with the establishment of three regional offices to enhance its operational efficiency in lieu of its intention to spread its services across the entire three senatorial regions of the state.
The unflinching support of Very Rev (Msg.) John Ukwuoma in rural community financial inclusion initiative culminated into the opening a new branch at Amiri community in Oru-East Local Government Area in the year 2013.
The branch has actively provided micro savings and loans products to Amiri Village and township in its suburbs like Omuma, Mgbidi and Okporo amongst others.
The Bank in its resolve to spread its tentacles across the 27 local government areas in Imo State in the year 2014, opened another branch at Akokwa Community in Ideato North Local Government Area on October 6, 2014. The branch has contributed in bringing the much needed financial services to the people and in generating wealth and creating employment for the people in its metropolis.
The Year 2015 witnessed major restructuring in the organogram of the bank with the introduction of the office of the executive director, operations and separating the functions of operations from finance; bringing the discharge of the finance role under the Information Technology and Finance Department. These were made to facilitate much desired succession plan of the bank. It is envisaged that the review of the organogram will support the management initiative in managing a much larger scale operational activities while ensuring that corporate governance is brought closer to the employees for real-time day-to-day support.
Furthermore, as at the end of 2015 financial year, the board and management has been able to grow the banks shareholders fund to the sum of N264.5 million from N32 Million at the inception of the bank. The makeup of this includes the initial capital outlay, incremental investment received from new investors and profits retained year-in year-out set aside for growth and expansion. Similarly, the asset base of the bank grew to N818.9 million as at the end of the 2015 financial year from its initial position of N32 Million as at the day of commencement of operation.
Today, the banks sits on a clientele base of over fifty thousand (50,000) customers with staff strength of seventy-five (75) personnel across all its offices.
We have continued to enjoy notable honours and awards of excellence service by government institutions, Non-governmental organizations and prominent societies and associations in recognition of our outstanding contribution towards nation building and great enthusiasm towards bettering the lots of the people of Imo State.
As the management forges ahead in the coming years in its efforts to maintain uninterrupted seamless financial services, we remain optimistic and committed to the bank’s vision ‘to be the most reliable corporate ally inspired to provide excellent banking and financial services’ and its mission ‘to promote socio-economic interest through the provision of resourceful Microfinance Services to a spectrum of clients in our catchments area’. These affirmations that anchored on two strategic imperatives of growth and transformation are at the heart of all our strategic business initiatives.
Our goals are quite evident in the bank’s activities as we endeavour to sustain our significance in the Nigerian Microfinance industry. We have perfectly structured our growth plan to extend our services across all twenty-seven (27) local government areas in Imo State through branch expansion network.
The bank has since been making enormous contributions to the growth and development of the people by creating access to finance to the un-banked and has undoubtedly, achieved its aim of maintaining its leadership position in the microfinance finance world of the South-East, Nigeria.
To promote socio-economic interest through the provision of Resourceful Microfinance services to a spectrum of clients in our catchments areas
To be the most RELIABLE CORPORATE ALLY inspired to provide excellent Banking and Financial Services
Discharging our Micro-Banking business via combination of Due Care, Diligence and utmost Integrity
Our Symbol represents a centre-point of survival that builds a wall of optimum
satisfaction for the active poor by the creation of wealth through the provision of access to finance.
The Circle Centre-point
The Gold Optimum Satisfaction
The Green Wealth