Linus Aleke in Abuja
The Nigerian Navy (NN), yesterday said that Microfinance Bank (MFB), fosters strategic partnerships that increase financial inclusion and economic opportunities for Nigerians.
The Service also stated that microfinance banks play critical role in national development and economic empowerment of citizens.
The Group Managing Director/Chief Executive Officer Navy Holdings Limited Rear Admiral Zakariya Shaku Muhammad, said at the 10-Year Anniversary of the Nigerian Navy Microfinance Bank, in Abuja.
“We have celebrated not just a decade of financial service, but a decade of vision, resilience, and impact. The journey of this institution has been one of steady growth, unwavering commitment, and an enduring dedication to serving the financial needs of naval personnel and the Nigerian community at large,” he said.
Admiral Shaku said the bank has provided financial empowerment, supported small businesses, facilitated wealth creation, and ensured that servicemen and women have access to secure and reliable banking solutions.
Advising the financial institution to embrace innovation to enhance service delivery in an ever-evolving financial landscape, he stated that the bank will expand its outreach to support more individuals and businesses across Nigeria.
He also noted that it will strengthen corporate governance to ensure transparency, accountability, and sustainability.
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Earlier in his welcome address, the Supervising Director of NNMFBL, Navy Captain Olatunji Ayoade, stressed that the NN established the bank to provide financial solutions to empower naval personnel, their families, and the wider Nigerian community.
He stated that the Bank recognised the peculiar financial needs of servicemen and women as a bank that could offer stability for customers in uncertain times, whilst helping nurture their financial growth opportunities.
“From a very humble beginning, with a seed capital of 20 million Naira, we have expanded our services, enhanced financial inclusion, and helped thousands achieve economic stability. We are now worth in excess of 19 billion Naira. In 2024, your bank doubled its balance sheet.”
