DLM Capital Group Gets CBN’s Approval on MfBs Acquisition

DLM Capital Group, one of Nigeria’s leading development investment banks, has received the final approval of the Central Bank of Nigeria (CBN) for its acquisition of Links Microfinance Bank and further solidifying the group’s much awaited digital banking entrance and launch.

This latest development positions the development investment bank as one of the few players in its industry that has expanded into a financial institution providing different types of services cutting across different socio-economic classes.

Commenting on the development and yet another addition to the group’s consortium of subsidiaries, Sonnie Ayere, group chief executive officer remarked: “We sincerely thank the SEC and CBN for consent and final approval, respectively, of our MFB acquisition. This will help to position us more as a full-fledged financial services institution which will develop and disseminate various financial products and services that will reach millions of Nigerians who are underserved.

“We are looking forward to working with all stakeholders, including the Central Bank of Nigeria, and to expand financial inclusion to meet the ever-evolving needs of the average Nigerian,” Ayere added.

Also, Funsho Idowu, managing director and chief executive, LINKS MFB, said that the bank is positioned to carve a niche for itself in the market space, having just joined the unique group of digital banks to create loans, investment opportunities, support job creation and empower MSMEs through unhindered access to its financial services, as clearly spelt out in the bank’s mission statement.

“This deal, together with our NDIC insurance, will demonstrate to our customers that they can trust us with their financial needs,” Idowu said.

Meanwhile, DLM Capital Group, since its inception, has concentrated on creating markets, products, and long-term financing solutions to key sectors of the Nigerian economy that would benefit end customers to improve their well-being. The group comprises subsidiaries in investment banking, trustees, securities trading, FX, digital banking, asset management, nominees, and corporate lending.

April 13, 2022