RIGO MFB Disburses N2.3bn, Grant N1.7bn to Women
Nume Ekeghe
RIGO Microfinance Bank has announced that it has disbursed over N2.3 billion in microloans to individuals and small businesses with a majority give to women.
The bank said it is passionate about financial inclusion drive to support women, which is why 74 per cent of loans disbursed were given to women.
The Managing Director, Rigo Micro Finance Bank, Mr. Adolphus Aletor said: “Our Balance sheet size stands at N629m with a total weighted risk asset of N536m. A total of over 10,000 depositors have contributed to the deposit base of which 70 per cent is from the female gender, while the balance of 30 per cent is from the male gender.”
“Our cumulative loans disbursed is N2.3bn since inception with 60% representing Micro loans and 40% representing SME loans. The sum of N1.7bn was disbursed to women representing 74 per cent while the balance 26 per cent were disbursed to men. Our focused sector in the last 3 years has been Trade and Commerce representing 75 per cent of our sectoral business. The balance of 25 per cent covers manufacturing, Transport and Services.”
He further added that his firm has surpassed the increased share capital requirement stipulated by the Central Bank of Nigeria, which was fixed at N200 million.
He said: “On 29th April, 2020, The Central Bank of Nigeria (CBN) reviewed its Circular dated 7th March, 2019 with respect to Minimum Share Capital requirements for Microfinance Banks. By virtue of the said review, RIGO MFB is expected to increase its Share Capital to the sum of two hundred million Naira by April, 2022. The Bank has therefore increased its Share Capital to the sum of two hundred and thirty-nine million Naira with the Corporate Affairs Commission.”
On her part, the Chairman RIGO MFB, Mrs. Onoriode Bridget Devos added: “Rigo Mfb has a vision of being a household name within its target market. In October of 2018, we partnered with Sterling Bank to Launch debit cards services and has since primed over 4,000 debit cards since inception. Not resting on our oars and with continuous need to provide digital banking experience to our over 10,000 customers, there was the need to broaden our partnership that can place RIGO on the same digital pedestal with competition.
