Oceanic Bank International Plc has reiterated its commitment to grow businesses at the micro level of the Nigerian economy.
The Head, Development Finance, Oceanic Bank, Mr. Felix Oyakhamoh said savings deposit for micro financing set aside to finance businesses at the micro level was now about N16.5billion

He said the Bank was able to mobilize the sum within two and a half years following the creation of the development finance department at Oceanic Bank.

“The Bank had far exceeded its initial target of N1.4billion for microfinance savings deposit, with over one million customers on Board as we seek to create opportunities for micro businesses to succeed and possibly transform into notable Small and Medium Scale Enterprises (SMEs) in the future.”

According to Oyakhamoh, in 2007, the Bank set up a development finance department to complement its Corporate Social Responsibilities initiatives, but from the angle of a social business enterprise.

“In line with its objective of raising standard of living and poverty reduction, Oceanic Bank for the first time in the history of microfinance banking in Nigeria has built_in health insurance as part of its main liability product in order to assist its customers to address and manage their health issues

so as not to serve as a distraction for their businesses”.
He explained that the mandate of the development finance department was to focus on things the Bank would not have done, but which are undertaken because they have social impact and could pay for themselves (break even).
He added that the department had two bottom lines, which are the social impact bottom line and the profitability bottom line.
“We look at the need to balance profitability with social impacts. We take up things that are not very profitable, but have social impact on the larger population,” he said.
A maximum of N500, 000 micro loans are given out to qualified microfinance customers as working capital or asset financing depending on what business the customer is into.
Oceanic Bank Microfinance products target customers include individuals involved in economically active enterprises such as tailors, Farmers, Hair dressers, Barbers, Vulcanizers, Okada/Tricycle operators, petty traders etc.
The Bank has since introduced three microfinance products including OMSA GO; OMSA GROW and OMSA PROGRESS. They are designed to increase earnings and savings habits of the economically active poor by removing all traditional bottle necks in creating access to financial sector for the unbanked and the under_banked segments.