In 2019, the Central Bank of Nigeria (CBN) reviewed the minimum capital base for Microfinance Banks, a decision that was partly informed by the Covid-19 pandemic impacts on economic activities.
Speaking on this, the Managing Director of TouchGold MFB, Abraham Awe, said, “Following the recent approval by the CBN on the 100% acquisition of TouchGold MFB, the bank is now currently fully acquired and operational. We are in pursuit of a more positive positioning and compliance with the regulator’s directives on recapitalization. This is why we met and even surpassed the required capital base”.
According to Awe, the injection of more funds into their microfinance bank, TouchGold will make them stronger financially, improve liquidity for better business performance, and most importantly, restore depositors’ confidence in the ability of the bank to meet regulatory requirements.
Richard Rotoye, the Group Managing Director of Creditville made a statement about the recapitalization. Rotoye said, “The Group has plans of transforming TouchGold Microfinance Bank into a digitally inclined MFB, and this recapitalization is just one step up. We needed to ensure that the MFB is fully compliant and has the financial structure to fulfil our promises to our customers”.
The GMD also asserted that this new feat will create business expansion which in turn will generate better profitability for the bank, more dividend to shareholders and investors, and create more employment.
About Creditville Group
Creditville Nigeria commenced operations in 2013 as a micro-lending firm in Port-Harcourt, Rivers State, and has metamorphosed into a proprietary fintech group having various financial and investment services, with a business presence in nine branches nationwide.
With a robust and ever-growing customer base, Creditville group currently consists of Creditville Nigeria Limited, Creditville Finance Limited, Redwood Asset Management, TouchGold Microfinance Bank, Dawanau BDC Limited, and Creditville Properties Limited as subsidiaries. The Group is dedicated to revolutionizing the finance industry while impacting society with new innovations.
For media enquiries; contact corporatecomms@creditville.ng
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