CBN grants national banking licence to Fortis MFB

The Central Bank of Nigeria has granted a national banking licence to Fortis Microfinance Bank Plc.

The approval was confirmed by the Chairman of the bank, Mr. Felix Achibiri, while speaking during the bank’s Annual General Meeting held on Tuesday in Abuja.

He said with the national banking licence, the bank, which he described as the largest MFB in Abuja and the North Central Region, would be able to provide more credits to business enterprises across the country.

Achibiri said the national banking licence would also enable the bank to drive the financial inclusion programme of the CBN across the country by providing financial services to all the states of the federation.

He said, “Fortis Microfinance Bank Plc from the onset was clear that it will build a world-class bank of Nigerian origin and with the right workforce that places customers at the heart of all its activities.

“With a national banking licence, Fortis will be driving the CBN’s financial inclusion programme across the country by providing financial services to all the states of the federation.

“Our success story over the years will be replicated nationwide and we will also, through the use of technology, bring banking to the doorstep of all Nigerians, particularly those at the base of the economic pyramid who are either underserved, underbanked or completely disenfranchised by the conventional financial service providers.”

He further said the bank had entered into partnership with other financial institutions such as the African Development Bank and the Bank of Industry in order to provide innovative banking services to its customers.

He said, “The path to dominance is very clear. We will develop and empower our people to be the best in the industry; we will innovate more, employ technology to provide simple, flexible and convenient solutions to our customers .

“We will engage more strategic partnerships that will bring about improved returns and sustainable growth as well as stakeholders satisfaction over the short, medium and long term.”

Meanwhile, at the meeting, shareholders of the bank gave approval to the proposal of the board to raise additional capital through private placement from the issuance of 656,666,668 units of ordinary shares at N1.50k per share.