Omiye Microfinance Bank Limited has announced plans to raise its authorized share capital from N500 million to N1 billion to upgrade its operational license to Tier 1 Microfinance Bank (MFB). Speaking at the bank’s Annual General Meeting, the Chairman, Esan Ogunleye, emphasized that this move aims to attract both existing and prospective shareholders, with the proposal currently under review by the Central Bank of Nigeria (CBN). The upgrade would enable the bank to expand its branch network across Ekiti State, enhancing its reach and impact on local communities.
The bank, established in 1991 and rebranded in 2008, aims to deepen partnerships with the Ekiti State Government, local councils, and community groups to drive financial inclusion and economic growth. Omiye MFB’s strategy includes expanding its branch network to bridge financing gaps for MSMEs and public sector employees in the state. Medium-term plans involve obtaining a state license to serve all 16 local government areas, while long-term goals focus on securing a national license to position the bank among Nigeria’s leading microfinance institutions.
Omiye MFB demonstrated strong financial performance in 2023, with gross earnings rising 43% to N217 million and profit before tax growing by 80%. Customer deposits surged by 50% to N328 million, while loans and advances grew by 17%, underscoring its commitment to economic development. The bank’s growth trajectory highlights its readiness to leverage emerging opportunities within Nigeria’s financial sector.