Mainstreet Microfinance Bank

Driving Financial Inclusion in Nigeria

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In Nigeria, financial inclusion has always been a challenge.

An estimated 60 million Nigerians (out of a 200 million population) do not have bank accounts. There are several main reasons for this. First, many Nigerians work in private and informal sector jobs and receive wages in cash. What’s more, many live in areas where financial services such as ATMs and banks aren’t provided, so have historically been denied the opportunity to open accounts. According to The Africa Report, the sector’s strict mobile money regulations also initially hindered growth, as until 2018 only licensed banks (or fintech companies in partnership with them) were permitted to operate forms of mobile money services.

However, Mainstreet Microfinance Bank has a goal: to open up access to financial services, thereby helping develop Nigerian communities and businesses.

“Increasing access to financial services is our mission,” proclaims Adegoke Adegbami, the bank’s CEO. “It is financial inclusion that drives and guarantees economic inclusion. It is financial inclusion that drives social and political inclusion.

“And these are the factors that drive equality in our world. These are the things that make the world a better place to live. Access to finance drives access to other good things in life like quality health services, political participation and human dignity.”

Adegbami has been interested in microfinance since leaving school in 1993. A decade later, he trained as a chartered accountant. In 2005, when the Nigerian government introduced a policy directing community banks to transform into microfinance banks, Adegbami’s relevant experience allowed him to act as a consultant to help facilitate the process.

“One of the microfinance banks convinced me to take up a job with them. Thereafter in 2008, I was employed as part of the team to set up a microfinance bank for the then Afribank Group,” he explains.

“Over the last 11 years, Afribank Microfinance has grown and seen many transformations, including its change of name to Mainstreet Microfinance. I worked in different roles within the bank before becoming the CEO in 2015. My interest and passion for the sector has remained very strong over all of these years.”

Mainstreet Microfinance Bank is licensed by the Central Bank of Nigeria (CBN) to provide services including micro savings, micro lending, micro insurance, training and financial advice