For the year 2016, the Maritime Microfinance Bank Limited (MMFB) has earmarked N201 million for disbursement as loans to Micro, Small and Medium Enterprises (MSMEs).
Under the arrangement, the bank will disburse N120million as micro-loans while N81 million will be given as at SME loans.
Acting Managing Director of the bank, Oluwaseyi Hamilton in a statement said the planned loan disbursements aim to support the Federal Government’s drive to diversify the nation’s revenue base, create employment and encourage small and medium enterprises.
Hamilton said: “We have since inception focused on economically empowering micro- entrepreneurs and low income earners by providing financial services in a sustainable and ethical manner.
“In this regard, we have developed a variety of loan products specifically designed for individuals running micro, small and medium enterprises.
“Our processes and procedures are also tailored and customized according to the requirements of our customers.
“We take pride in providing the fastest turn around time for processing loan applications.
“We have, since inception supported the growth and development of small businesses. We have also been consistent in providing much needed financial support and solutions to businesses and individuals in the maritime industry and the larger economic space,” Hamilton said.
He said the MMFB, which experienced phenomenal growth within its first year of operation, would continue to deploy modern technology to provide fast and more efficient services.
“We actively seek to understand our customers’ challenges, expectations and needs with the aim of meeting and surpassing their expectations in our service delivery,” Hamilton said.
The Maritime Microfinance Bank Limited was incorporated on the 24th January 2014 to carry on the business of micro banking in Nigeria and to arrange/raise funds or loans.
Licensed by the Central Bank of Nigeria (CBN) and fully insured by the Nigeria Deposit Insurance Corporation (NDIC), MMFB commenced operations on the 1st of December 2014.
A seasoned banker and Former Executive Director Finance and Administration of the Nigerian Ports Authority (NPA), Mr. Adetola Atekoja was appointed the Chairman of the Bank last year.