The Nigerian Navy Microfinance Bank (NNMFBL) celebrates a decade of growth, resilience, and impact in Nigeria’s microfinance sector, marking its 10th Anniversary with a great impact that goes beyond balance sheets and financial transactions.
Ten years ago, the bank was licensed by the Central Bank of Nigeria (CBN). The Nigerian Navy established the Bank to provide financial solutions to empower naval personnel, their families, and the wider Nigerian community.
In remarks. Rear Admiral C. D Okei who represented the Special Guest of Honour, Chief of Policy and Plans, (Navy), noted that the bank is not celebrating not just a decade of financial service, but a decade of vision, resilience, and impact. The generous institution has been one of steady rules of recommitment.
"The bank over the past 10 years are worthy of commendation. This bank has made the financial empowerment. And the short wealth creation. And it shows that our service men and women have access to secure and level banking solutions.
He encouraged the leadership and staff of this institution to impress individuals, expand out to support individuals, and, of course, strengthen corporate governance. We also like to commend the Board of Directors, management, and staff for their readiness, determination and hard work. The agreement has ensured that the bank remains a pillar of financial security for the Nigerian Nivi and beyond.
To our customers, partners, and stakeholders, we object to a trust and support. Your confidence in this institution has been cemented to its success, and I encourage you to contribute a path of our journey for the brighter future. As the community marks, let us live with a new sense of purpose and commitment to ensuring that the bank continues to thrive.
"The next 10 years presents new opportunities, challenges, and possibilities, and with greater efforts, I have no doubt that this institution will reach even greater heights." he said
The 10th Group Managing Director, CEO of Navy Holdings Limited, Chief of Communications and Technology (Navy), Rear Admiral H Kaoje in his goodwill message, said that despite the country's economic meltdown, the Nigerian Navy Microfinance Bank has done well.
He stressed that the microfinance bank has provided its services, though not nationwide yet, but he assured that the microfinance bank is going to be one of the best microfinance banks in the country.
In his remarks the new Group Managing Director/Chief Executive Officer of Navy Holdings Limited, Rear Admiral Zakariya Shaku Muhammad said the accomplishments of NNMF Bank over the past ten years are worthy of commendation.
Rear Admiral Zakariya Shaku Muhammad said the bank has provided financial empowerment, supported small businesses, facilitated wealth creation, and ensured that servicemen and women have access to secure and reliable banking solutions.
He added that the role of microfinance banks in national economic development cannot be overstated, and NNMF Bank has positioned itself as a key player in this space.
"Today, we have celebrated not just a decade of financial service, but a decade of vision, resilience, and impact. The journey of this institution has been one of steady growth, unwavering commitment, and an enduring dedication to serving the financial needs of naval personnel and the Nigerian community at large.
"However, this milestone is not the final destination—rather, it is a stepping stone to even greater achievements. As we look ahead, I encourage the leadership and staff of this institution to embrace innovation to enhance service delivery in an ever-evolving financial landscape
"To expand outreach to support more individuals and businesses across Nigeria, strengthen corporate governance to ensure transparency, accountability, and sustainability and foster strategic partnerships to increase financial inclusion and economic opportunities." he said
Earlier in his welcome Address, the Supervising Director, Nigerian Navy Microfinance Bank, Capt (NN) OB Ayoade, said the bank stands tall, not just as a Microfinance bank but as a symbol of trust, security, and empowerment.
Capt Ayoade noted that from a very humble beginning, of a seed capital of 20 million Naira, the bank has expanded its services, enhanced financial inclusion, and helped thousands achieve economic stability.
"We are now worth over 19 billion Naira. In 2024, your bank doubled its Balance sheet. Thus, this is not just an anniversary it is a testament to our shared vision, dedication, and the unwavering trust placed in us by our founders and customers.
He stated some impacts the bank made, like supporting the welfare and financial independence of naval personnel through tailor-made products, loans and investment opportunities.
The bank has empowered young entrepreneurs by providing accessible financing to small and medium-sized enterprises (SMEs). Promoted financial literacy among personnel, their families, and the communities we serve.
In the last few years, the Nigerian Navy Microfinance Bank has not only weathered the economic storms but also adapted to changes and remained resilient despite Nigeria’s dynamic financial landscape.