Empire Trust MFB Commences Operations

Obinna Chima

The management of Empire Trust Microfinance Bank (ETMB) at the weekend officially commenced operations in Nigeria.

Speaking at the opening ceremony of the financial institution in Lagos, its Managing Director, Mr. Seun Durojaye said the emergence of the bank was a product of eight years study of the sub-sector, having been involved in other forms of businesses revolving around micro and small enterprises’ financing.

He said: “In our target areas, we know many of the people are bank shy, but with our model and mass marketing strategy, we would rave up the market and provide access to finance our customers with ease.

“We are in partnership with Stanbic IBTC Bank for now, in the area of correspondent banking. The agreement is that every customer of our bank can withdraw money from their account and as well put money in their account in any of the 300 branches of the bank.”

According to the ETMB boss, all customers of the bank are immediately given a MasterCard, such that wherever they are in Nigeria and outside the country, they would be able to conduct transactions without going to the bank.

“This is important because people believe that once you put your money in microfinance bank, you should forget about it since they have only one or two branches where you can make transactions and that does not apply to us, especially for those who go to other states to conduct their business and may not want to carry their cash around,” he said.

He pointed out that although the operating environment is tough, its model would help attract new customers as it set to be among the market leaders in the sub-sector.

According to him, in the next five years, the bank would become a national financial institution; starting with a target of national licence in the three years from now and spreading the branch network to the six geopolitical zones, adding that its product offering on hand are capable of helping it achieve the goal.

On his part, the Chairman of the bank, Mr. Gbenga Dairo assured stakeholders and customers that management and staff members of the bank would grow beyond its current size.

“Our vision is to be a bank that provides exceptional services to our customers and the board of directors have given management the task of ensuring that customers’ needs and expectations are always met,” Dairo added.