Lovonus Microfinance Bank has said it seeks to disburse about N1.5bn in loans to its customers by the end of the year.
This was disclosed by the Managing Director of the bank, Simeon Oni, during a recent interview with journalists in Lagos.
Lovonus MFB, which has been operating for over 10 years, stated that it was also aiming to increase its customer base to 11,500.
The bank increased its client base by 11 per cent to 10,584 in the first half of the year from 9,536 in the prior period of 2023.
Oni said, “We plan to unveil more features on our digital channels. The ‘ember’ period is our peak season going by track record, and we will leverage more on increased personnel. Based on the projection for the full year, we will be closing the year 2024 with N1.5bn disbursement and increasing the client base to 11,500.”
He also highlighted the pressures facing the banking and financial sector following recent hikes in the monetary policy rate.
According to Oni, the bank often faces customer demands for rate adjustments during such economic shifts, especially in a challenging global economy.
The Monetary Policy Committee of the Central Bank of Nigeria raised the benchmark rate by 50 basis points to 26.75 per cent from 26.25 per cent in May 2024.
“People tend to rush for new rates whenever the MPR is increased, but we must carefully manage our competitive advantage to ensure our clients remain in business,” Oni explained.
He emphasised the bank’s commitment to supporting both the social and economic bottom lines, despite the pressure to maintain profitability.
Oni also reiterated Lovonus Microfinance Bank’s dedication to adhering to regulatory directives while maintaining strong relationships with customers.
“Our mission is to enrich lives, and we do so through innovation and teamwork,” he added.