NICA Microfinance Bank

We are in the Process of Registering a Micro-Finance Bank to function, though independently, but under the NICA Umbrella. The Bank is intended to be a specialized bank licensed and under the supervisory purview of the CBN

Our Goal

NICA MFB’s primary goal is to create a bank for the unbanked and less-banked population, as well as to create a financial base for the Small and Medium Enterprises (SME) in the Agro-allied sector and beyond, through the provision of efficient financial services while contributing to the regulator’s aim of integrating the informal sector into the mainstream financial system.

We aim to provide dedicated services to the economically active poor and to be demand driven, client centered and responsive to the special needs of our customers.

Our drive is premised on the perceived need to intensify the results of our current financing initiatives in our vision to feed the Nation.

Target Market

NICA MFB will offers a broad range of financial services to the 90% of Nigerians that are presently un-banked and largely form the emerging market at the bottom of the economic pyramid, with core emphasis on the rural agricultural community.

Defined by size, the bank will serve low-income, salaried, self-employed and micro entrepreneurs with a range of financial products designed to allow them to grow their businesses and produce significant economic multiplier effects throughout the local economies.

Share Holding and Capitalization

The Bank will be adequately capitalized, and its shareholding is held by carefully selected local and foreign investors.

Products and Services

Apart from the traditional Banking products (Savings and specialized accounts), NICA MFB will place emphasis on design and offering of products and services for the Agricultural market. By experience, we understands the need to move away from conventional traditional banking systems and design models, evolving products and services that will fit into an holistic system embodying financial inclusion of the target market.

Research and new product development will be a constant Practice at NICA MFB, through its Sister Firm, NICA Global resources, and much more specialized and advanced products will be introduced into the market as the need arises.

Generally, the bank will offer products and services allowed for in the CBN guidelines for the operation of a microfinance bank.