Sagamu Microfinance Bank

Sagamu Microfinance Bank was established on the 11th of November, 1992 and licensed as a Community Bank to provide community banking services to the general public. The first of its kind in Sagamu in those days. In 2008, the Central Bank of Nigeria (CBN) issued the Microfinance Regulatory Framework which specified new regulatory guidelines requiring all Community banks in Nigeria to transform to Microfinance Banks. The new regulatory framework issued by the CBN became imperative so as to prevent the continued failure of community banks which was prevalent between the year 2000 - 2007 due to mismanagement and poor monitoring. In 2008, Sagamu Community Bank having fulfilled the regulatory requirements for Microfinance banks was licensed as a Unit Microfinance bank. Sagamu Microfinance Bank became a state Microfinance bank in the year 2010 after meeting up with the new capital requirements of 100 million naira for State Microfinance Banks in Nigeria. Sagamu Microfinance Bank also becam...