CBN Grants Microfinance Banking License to Gabsyn Microfinance Bank

The Central Bank of Nigeria (CBN) has granted GABSYNMICROFINANCE BANK the final approval to operate as a Microfinance Bank in Ikorodu, Lagos State.

Gabsyn MFB announces the receipt of a letter from the CBN conveying the final approval to commence operations, Mr. Waheed Odekale, the Bank’s Managing Director, said recently.

With this approval, Gabsyn MFB joins over 876 licensed Microfinance banks to operate in that space, to deliver the much needed financial services to the unbanked. According to EFInA (2020 survey), about 35.9 percent of the adult population, representing 38 million citizens, do not have access to financial services in Nigeria.

As a partner in the actualization of the objectives of the National Financial Inclusion Strategy (NFIS), Gabsyn MFB affirms its commitment towards creating a better everyday life for all stakeholders in line with the financial inclusion agenda of the CBN and the Federal Republic of Nigeria, and we are excited at this opportunity to support its fulfilment.

The Bank is well positioned in a strategic location in Ikorodu where it can use its well-trained, motivated, young and dynamic staff as well as its experienced management team to design and offer flexible, value-adding and sustainable financial services to the communities. There are millions of Nigerians who are yet to tap into the immense benefits available in the financial sector because they are currently excluded.

Gabsyn MFB will open a viable avenue for all to access a broad range of financial and social services such as loans, savings, alternate payment services, money transfers, improve financial literacy, etc, some directly and others through strategic partnerships.

Microfinance Banks (MFBs) are critical to Nigeria’s financial inclusion goals, particularly because of their role in providing financial services to the underserved segments of the Nigerian economy. In a demonstration of its acknowledgment of the importance of the sector, The Nigerian government launched the National Financial Inclusion Strategy in 2012 (NFIS 2012), to achieve 80% inclusion by 2020. The NFIS was reviewed in 2012, and the CBN and its stakeholders came up with the Revised NFIS document which targets a 95% financial inclusion threshold in Nigeria by 2024. This is ambitious given that the financial inclusion index moved from 57.3% in 2010 to 60.3% in 2012 and 63.2% in 2020, a growth of about 5.9% in 10 years. Achieving a 31.8% increment in 4 years is indeed ambitious, but not impossible.

According to the Managing Director of Gabsyn MFB, Mr. Waheed Odekale, ‘’Our mission is to use simple financial solutions, strategic alliances and partnerships to improve the socio economic status of our stakeholders. Our services will empower low-income households, enhance their productive capacity and consolidate their economic base. We are very excited by the opportunity to be practically and productively driving the financial inclusion agenda of the Central bank of Nigeria’’.

While leveraging on the use of technology to improve customers’ experience on the one hand, we will be going the extra mile with the introduction of Saturday Banking Services.

For Gabsyn Microfinance Bank, it is beyond providing financial services, but making sure that our customers’ expectations are surpassed.

September 26, 2022