…Launches Digital Banking and Loan Services

By Nwabueze Okonkwo

ONITSHA – Depositors of the liquidated Obosi Microfinance Bank (OMFB) have been assured of access to their funds through the newly established Adike Microfinance Bank (AMFB), which recently acquired the assets and liabilities of OMFB.

OMFB was liquidated in May 2023 by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) due to concerns over its failure to meet statutory obligations. However, Adike MFB’s management, led by MD/CEO Emeka Anujeonye, has begun reimbursing OMFB’s depositors.

Speaking during the 2024 Iwaji/New Yam Festival in Obosi, Anujeonye confirmed that AMFB would commence operations on January 2, 2025. He emphasized that all OMFB depositors would receive their full deposits, which had been trapped after the bank’s liquidation.

“We have already paid a reasonable amount to depositors,” Anujeonye said. “They can now withdraw their funds from Adike MFB, which has taken over the liabilities and assets of OMFB.”

He also warned debtors of the liquidated OMFB that AMFB would pursue the recovery of outstanding debts.

AMFB will introduce several new banking products, including digital services such as ATM, mobile banking, SMS/USSD, e-statements, bill payments, and credit facilities. The bank plans to serve the community through consumer banking, microcredit for petty traders, group lending for SMEs, and fixed asset acquisition.

“We are upgrading our ICT unit and training staff to meet international banking standards,” Anujeonye added.

Chief Linus Mgbakaogu (Atta Obosi) encouraged community members to support AMFB, stating that the bank would provide loans and financial assistance to residents.

Confirming the bank’s reopening, Chief Udemba Akamkposi Obosi, Chairman of AMFB’s Credit Committee, assured customers that they could access their funds starting December 10, 2024, to prepare for the upcoming Christmas season.

“OMFB was liquidated due to a misjudgment of our capital base,” Udemba said. “Now, with Adike MFB, we are starting fresh, with support for digital banking and a focus on customer needs.”