In a resounding commitment to fuel the growth of Small and Medium Enterprises (SMEs), DavoDani Microfinance Bank’s Founder and Chairman, Mr. Austin Enajemo-Isire, emphasized the bank’s dedication during the inauguration of its 11th branch in Ajah, Lagos.
Enajemo-Isire highlighted the bank’s strategic focus on addressing the challenges faced by the unbanked, underbanked, and underserved populations, particularly SMEs struggling to secure funding. He expressed the bank’s mission to bridge the financial gap and uplift those at the bottom of the economic pyramid.
“The bank is making efforts to address these challenges of bringing the unbanked, underbanked, and underserved into the financial system. We are closing the gap and attending to those who are at the bottom of the pyramid, those SMEs that are finding it difficult to access funding, that is why we are into the business,” stated Enajemo-Isire.
The decision to open the new branch in Ajah aligns with DavoDani MfB’s commitment to expanding its visibility and reaching more businesses in Lagos. Enajemo-Isire emphasized the bank’s track record of revitalizing struggling businesses, enabling them not only to survive but also to expand and contribute to employment generation.
Managing Director of DavoDani MfB, Mr. John Ologe, attributed the bank’s expansion strategy to its unwavering commitment to providing exceptional leadership in the microfinance sector. Ologe emphasized the bank’s dedication to customer-centric practices, with a core mission of empowering micro-entrepreneurs through unrestricted access to sustainable financial services.
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Ologe shed light on the bank’s comprehensive coverage policy for Lagos, asserting that physical proximity to clients is essential. He stated, “For us, even the current economic situation is creating business from the SMEs segment because our major business as a bank is to provide funding. Business owners now must get funds or loans triple the amount they usually request, because of inflation and the issue with the foreign exchange rate.”
In response to the evolving economic landscape, Ologe affirmed the bank’s role in supporting businesses during challenging times. “We are here as a bank to provide business owners with the financial support that they need to thrive. People are losing their jobs, and they must set up small businesses to trade, and these businesses need support,” he added.
DavoDani Microfinance Bank stands poised as a reliable ally for SMEs, reinforcing its commitment to fostering economic growth and resilience within the entrepreneurial community.
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