Lovonus Microfinance Bank aims to disburse approximately ₦1.5 billion in loans to its customers by the end of the year.
This was revealed by the bank’s Managing Director, Simeon Oni, during a recent interview with journalists in Lagos. Operating for over a decade, Lovonus MFB also plans to increase its customer base to 11,500. The bank’s client base grew by 11% to 10,584 in the first half of the year, up from 9,536 in the same period of 2023.
Oni mentioned that the bank plans to introduce more features on its digital channels, especially during the ‘ember’ period, which is their peak season.
They will also leverage increased personnel to meet their targets. By the end of 2024, the bank projects a loan disbursement of ₦1.5 billion and an increase in the client base to 11,500.
He also highlighted the pressures facing the banking and financial sector due to 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% from 26.25% in May 2024.
Oni explained that people tend to rush for new rates whenever the MPR is increased, but the bank must carefully manage its competitive advantage to ensure clients remain in business.
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He emphasized the bank’s commitment to supporting both 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. He added, “Our mission is to enrich lives, and we do so through innovation and teamwork.”
