Sagamu Microfinance Bank

Sagamu Microfinance Bank was established on the 11th of November, 1992 and licensed as a Community Bank to provide community banking services to the general public. The first of its kind in Sagamu in those days. In 2008, the Central Bank of Nigeria (CBN) issued the Microfinance Regulatory Framework which specified new regulatory guidelines requiring all Community banks in Nigeria to transform to Microfinance Banks. The new regulatory framework issued by the CBN became imperative so as to prevent the continued failure of community banks which was prevalent between the year - 2007 due to mismanagement and poor monitoring. In 2008, Sagamu Community Bank having fulfilled the regulatory requirements for Microfinance banks was licensed as a Unit Microfinance bank. Sagamu Microfinance Bank became a state Microfinance bank in the year 2010 after meeting up with the new capital requirements of 100 million naira for State Microfinance Banks in Nigeria. Sagamu Microfinance Bank also became one of the first banks in Nigeria to complete the 1st phase of the newly issued CBN capital requirements of 500 million naira by 30th April, 2020 and 1 billion naira by 30th April, 2021 respectively for Microfinance banks. Having fulfilled these requirements, Sagamu Microfinance bank retained its status as a State Microfinance bank. The bank had since grown in leaps and bounds and today the bank has over 20 branches across Ogun State reaffirming our goal of bringing the bank to your door-step. At SMFB we continue to invest in our people and we are constantly improving our processes and technology systems. We believe we have a management system, which has become an industry point of reference. As a Microfinance Bank, we have been able and still willing to change the lives of the active poor for the best. The Bank is structured along marketing, operations, IT, finance, credit and control units.