By Ephraim Oseji

The Founder/Chairman of DavoDani Microfinance Bank, DDmfb, Prince Austin Enajemo-isire, has said the organisation’s balance sheet size has increased to about N10 billion from an initial deficit shareholders fund of N5.4 million.

Enajemo-isire said this at the organisation’s 10 years anniversary, adding that the shareholders fund has also exceeded N3 billion.

In his remarks titled: ‘A Decade of Transforming Lives – DDMFB’S Journey’, he stated that after the organisation was acquired, the first thing done was to inject N20 million and an additional investment which raised the capital base.

His words: “The journey of DDmfb began In 2014 through a bold vision, led by my humble self and my trusted friends who saw immense potential to invest in microfinance banking business. As a first step at the time, We acquired an existing Unit mfb license established in 2008. The acquired Bank shareholders fund was then eroded by losses and was under the weight of negative impaired capital.

“After the acquisition, the first crucial step was an injection of N20 million required to recapitalize the ailing Unit MFB and we immediately followed up with an additional investment which raised the capital base to sufficiently apply for conversion to a State operating license status. This set the stage for the new era of what has become known as DDmfb, the reason we all gather here today. We then sought for a state license which was graciously granted by CBN.

“The bank has a well-crafted vision, mission statement and core values of integrity, high ethical standards, reliability, and excellence as its navigator. With a commitment to excellence, sound corporate governance, and an unwavering focus on customer service, DDmfb began to see transformative results. From the initial deficit shareholders fund of N5.4 million of the acquired unit MFB, we now stand strong with a balance sheet size of about N10 billion, and shareholders fund exceeding 3Billion Naira. This result wasn’t just about numbers, but about the impact on lives—empowering individuals and businesses to thrive, through the offering of financial solutions to many MSMEs as well as the trust and confidence from all our stakeholders.

“As we reflect on the journey, we can take pride in the fact that DDmfb now boasts of 11 branches from its one branch status at the time of acquisition and a team of about 200 passionate and committed employees.

“Over these years, DDmfb has been honored with many accolades, awards, and recognitions. Last year alone we received awards from BUSINESSDAY Newspapers during their annual program titled, BANKS & OTHER FINANCIAL INSTITUTIONS (BAFI) AWARDS 2024 as THE BEST MICROFINANCE BANK IN GROWTH AND STRATEGY EXPANSION OF THE YEAR; KOSOFE CHAMBER OF COMMERCE & INDUSTRY award as INNOVATIVE MFB AWARD OF THE YEAR. Each of these achievements is a reflection of unwavering commitment to excellence and our mission to offer accessible financial services, guaranteeing them prosperity and financial freedom. We’ve grown our customers base to thousands of small business owners, individuals, and medium entrepreneurs, giving them access to capital and opportunities that have allowed them to build sustainable futures

“A Decade of Transformation: Empowering lives, Creating Opportunities for the people
As we stand here today, we must acknowledge that DDmfb’s success is not just an achievement for the shareholders alone, but about the hundreds of thousands of individuals and corporate organizations, market women, young entrepreneurs, etc who have been given the tools to build a better future for themselves and their families. It is about the small businesses that have been able to grow, creating jobs and improving livelihoods within their environment.”