Nigerian Company Announces Takeover of Microfinance Bank
- Optimum Global confirmed it completed the acquisition of Mayfair Microfinance Bank after fulfilling all regulatory requirements
- The new owners said the bank would resume operations soon, with a focus on financial inclusion and improved customer service
- Optimum Global said a specific resumption date and customer engagement details would be shared with the public later
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Optimum Global has completed the takeover of Mayfair Microfinance Bank, with the company saying the deal went through after all required processes and regulatory engagements were concluded.
The company said Mayfair Microfinance Bank would return to service soon under its new ownership, with an emphasis on making financial services more accessible and reliable for customers.
Source: UGC
Dr Anosi Ikimalo, a director at Optimum Global MFB, described the move as part of a larger plan to deepen financial inclusion across Nigeria.
Ikimalo said:
"This acquisition represents a strategic step in Optimum Global's ongoing commitment to strengthening financial inclusion and delivering accessible, reliable, and customer-focused financial services."
Mayfair Microfinance Bank's planned return
Optimum Global said the acquisition fits into its broader goal of opening up financial services to individuals, small businesses and communities that struggle to access traditional banking, Punch reports.
Microfinance banks serve an important role in Nigeria's financial system, providing credit and banking services to people and businesses that conventional banks often do not reach.
The company has not yet announced a date for the bank to resume operations, nor has it confirmed which customer service channels will be available when it does. Optimum Global said those details, along with other relevant updates, would be shared in due course.
The company also acknowledged the patience of customers, partners and stakeholders during the transition period, and said it looked forward to serving them with renewed energy once operations restart.
Source: Facebook
CBN approves as firm transitions to commercial bank
Similarly, Abbey Bank Plc has received approval from the Central Bank of Nigeria (CBN) to convert from a mortgage bank into a regional commercial bank, marking a significant shift in the institution's direction after more than three decades in mortgage finance.
The Sun reports that the Lagos-based lender, formerly known as Abbey Mortgage Bank Plc, said it expects to begin commercial banking operations in the fourth quarter of 2026.
The expansion will allow it to serve a broader range of customers, including individuals, small and medium-sized enterprises (SMEs) and corporate organisations, beyond its traditional focus on mortgage financing and real estate-related services.
CBN shuts down 46 Nigerian banks
Earlier, Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) has begun the liquidation of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria (CBN).
In a statement issued on Wednesday, the NDIC said it had been appointed liquidator of the affected banks under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and (2) of the NDIC Act 2023.
The corporation explained that it assumes the role of liquidator once the CBN revokes a bank's operating licence, as provided for under Section 12(2) of BOFIA.
Source: Legit.ng
