Davodani MfB commits to funding SMEs

Bisola David
Bisola David
Davodani MfB commits to funding SMEs

The DavoDani Microfinance Bank has reaffirmed its dedication to provide Small and Medium-Sized Enterprises with funding to help them expand their operations.

According to The Punch, this was stated at the 11th branch of DavoDani MfB’s opening ceremony in Ajah, Lagos, by the bank’s founder and chairman of the board of directors, Mr. Austin Enajemo-Isire.

He said that the bank is working to address these issues of bringing the underbanked, unbanked, and underserved into the financial system.

He added, “We are in the business because we are closing the gap and helping those at the bottom of the pyramid—SMEs that are having trouble getting funding.”

Enajemo-Isire claims that the bank chose to open its eleventh branch in Ajah in order to increase its prominence.

He went on to say that the Bank had helped many companies who were about to fail but are now thriving, growing, and creating jobs.

According to the bank’s managing director, Mr. John Ologe, the bank’s expansion plan is motivated by its unwavering dedication to providing outstanding leadership in the microfinance industry and accessible financial services to the general public.

According to Ologe, the bank’s primary goal is to empower micro-entrepreneurs by providing them with unfettered access to sustainable financial services. The bank is committed to customer-centric practices.

The head of DavoDani MfB stated that the bank’s policy was to cover every area in Lagos.

“For us, even the current economic situation is creating business from the SMEs segment,” he stated, “because funding is our primary business as a bank.” Because of inflation and the problem with the foreign currency rate, business owners now need to obtain finances or loans that are three times larger than what they typically request.

“People require more money than they did a few years ago to do business. As a bank, our goal is to give entrepreneurs the financial resources they require to succeed. Individuals are losing their employment, therefore they must start small businesses to make a living. These companies require assistance,” Mr. Ologe said.

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