DDMFB was a product of buy over of a defunct unit MFB incorporated in 2008. In 2014, new owners led by Prince Austin Enajemo-Isire acquired the unit licensed MFB and changed the name to DavoDani Microfinance Bank limited and continued as a unit MFB. After a process of rebirth, turnaround and recapitalization, the bank grew its depleted operating capital of N5.4m due to losses at the time of acquisition, to N100m in 2015.
In 2015, the bank sought and obtained approval from the Central Bank of Nigeria (CBN) to convert from unit to state licensed MFB status, which was granted in May 2016. The bank has evolved and grew its shareholders fund to well over One billion naira (N1B) and total asset base of about Four billion naira (4B) in 2022, operating from 10 strategic business locations in Lagos state.
General requirements
- Duly Completed account opening form
- Passport photographs of borrower
- Valid means of identification
- Recent utility bill
- Duly completed loan form
- NIN
- Sales record
- 10% Equity contributions
- 3% upfront fee and 4% flat monthly interest rate
- 2 Qualified guarantors
- The customer must complete the Bank’s Loan application form to enable us complete loan’s tracker compliance form.
