Mainstreet Microfinance Bank Limited ranks among the top ten leading microfinance banks in Nigeria. The bank has the singular purpose of meeting the financial service needs in the informal sector, as well as those of micro and small scale entrepreneurs and low-income earners in Nigeria.
Mainstreet Microfinance Bank Ltd (formerly Afribank Microfinance Bank Ltd) is a private liability company incorporated in November 2008 and licensed by the Central Bank of Nigeria (CBN) to provide Microfinance banking services.
Since incorporation, the bank has kept to the mandate of providing microcredits and other financial services to its teeming customers and businesses requiring funding for working capital and expansion across branches within Lagos.
The bank’s strong brand, good corporate governance, proven management, and dedicated people are testament to its commitment to the slogan – Value to Your World.
Bank’s Primary Objective
The bank’s goal is to nurture and enhance the socio-economic empowerment of the underbanked and unbanked through innovative technology and the provision of trusted seamless financial services.
It runs a business split of 60% and 40% of micro credits and Small and Medium-sized Enterprises (“SME”) related transactions, in order to maximize its potential and impact in the marketplace.
The Bank became operationally profitable in 2012 (within 3 years of commencement of business) with profit before tax of N64.51Million and closed 2017 with a PBT of N222.63 million.
Teachers in Lagos Commend Mainstreet Microfinance Bank
In addition to servicing the different sectors in Nigeria, Mainstreet Microfinance Bank Limited have made it easy to train future leaders in Lagos state through the provision of financial instruments and loans to teachers in the state.
Comrade Hassan Akintoye, Chairman, Nigerian Union of Teachers (NUT), Lagos State Wing, commended the bank for supporting teachers from 2009 to date.
He noted that Mainstreet Microfinance Bank has been good to teachers in the state. He said: “I am happy to be here. Mainstreet Microfinance Bank has supported teachers all through the years with loans running to billions of naira. There were no hidden charges. They were factual and straight forward and consistent. They are trustworthy.”
He continued: “Mainstreet Microfinance is expanding because of integrity. Teachers in Lagos State are happy with the Bank. The Bank cherish relationship so much. We place lots of value on the Bank. We have no choice but to identify with the Bank. We will continue our collaborations with the Bank.”
Fund Raising Program
In 2019, the Bank launched a Commercial Paper Program through which it successfully raised N10Billion in short to medium-term funds.
In 2021, it launched a N2.5 billion Bond Program to support its long-term funding.
Global Recognition
In recognition of its mandate to economically empower micro-enterprises and low-income earners through innovation and provision of trusted financial services on a profitable and sustainable basis, Mainstreets Microfinance Bank and the MD of the Bank, Mr. Adegoke Adegbami, shines brightly at the prestigious 10th Global Banking & Finance Review Annual Awards.
The MD, Mr. Adegoke Adegbami, was awarded the Banking CEO of the Year Nigeria in 2020.
The bank won in two highly sought-after categories of: Best Microfinance Bank Nigeria 2020 and Best Bank for Auto Loans Nigeria 2020.
Speaking on the significance of the award to the Bank, the MD, Mr. Adegoke Adegbami, posits that the award is a testament to the innovation and exceptional customer service that the Bank is renowned for globally.
He said, “Mainstreet Microfinance Bank underpinned by good capitalisation, good profitability, satisfactory asset quality, satisfactory liquidity profile, and a stable management team.”
Mainstreet Microfinance Bank Limited’s brand new Headquarters is located at Plot 1686B, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos,
The bank’s network of branches are in Martins Street, Yaba, Mushin, Bariga, Idumota, Kosofe, Lekki-Ajah, Epe, Ikotun, Ikorodu, Ibeju-Lekki and Agege.
You can open an account with the Bank via this link: https://www.mainstreetmfb.com/open-an-account
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