Corporate Profile
The Beginning
Mutual Benefits Microfinance Bank Limited is a leading Microfinance bank with its corporate head office at 10 Apapa Road, Oyingbo, Ebute-metta.
From inception the bank has tirelessly set the pace for other Microfinance financial institutions to follow; in terms of service quality, product functionality and exceptional customer service. The bank is strategically positioned to offer financial services support to small and micro-enterprises in Nigeria. Since commencement of its operation, the bank has grown from its humble beginning to a mid size microfinance bank making it among the best microfinance bank in Nigeria however the aim of the bank is to be among the best in Africa.
Within the two years of commencement of business activities the bank has expanded from its corporate head office to have seven branches which are strategically located within mainland and the island.
The Bank prides itself as a promise keeper to its numerous customers and has been able to endear them by keeping all promises made especially in the area of loan disbursement.
Values
At Mutual Benefits Microfinance Bank Limited its mission is to provide first rate service delivery to its customers through professionalism and integrity. This is achieved by placing a high premium on understanding the customer's business and providing them with services that meets and exceed expectations every single time. Its founding principles are Dynamic, Integrity and professionalism.
By adhering closely to these values and not forgetting the banks vision to become the leader in wealth creation through poverty alleviation in Nigeria with the ensuing customer confidence the bank enjoys, these have become the source of its financial and other successes over the years.
History
Mutual Benefits Microfinance Bank Limited was incorporated as a limited liability company and licensed by the Central Bank of Nigeria to operate as a unit Microfinance Bank in 2007 under the name Associated Investment Microfinance Bank Limited. The bank commenced operations in June 2008 and has since then grown to become one of the most respected and service focused microfinance banks in Nigeria.
The strategic investment deal with a frontline insurance company – “Mutual Benefits Assurance Plc” which commenced in 2009 and was finalized in 2010 lead to the change of name from Associated Investment Microfinance Bank Limited to Mutual Benefits Microfinance Bank in 2011. This has fast track the part of its developmental vision of being among the first five biggest microfinance bank in Nigeria and Africa within three years of operations.
With a capital base of Two hundred and Fifty Million and customer base of over Seventeen thousand Mutual Benefits Microfinance Bank Ltd is set to introduce a new bench mark in the microfinance business in Nigeria. In its bid to service its customers better, MBMFB maintains strategic alliances with leading Financial Services Firm in Nigeria to offer financial delivery to its customers through value creation and Mutually Rewarding Relationship.
Products
The bank provides a full range of investment and banking products/services to its customers and has working agreement with Nigeria Union of Road and Transport Workers (NURTW) Ojota Chapter which has helped improve their business and their Standard of living. This arrangement has also extended to NURTW Ketu, Berger and Ojodu Chapter.
The bank maintains a working relationship with major Community Development Association in Lagos with a value adding financial products delivery that is targeted at developing Micro-enterprises policies.
Worthy of mentioning is the working relationship the bank has with cooperative society in conjunction with Mutual Benefits Assurance Plc on Micro-insurance policies.
The bank is a customer focused bank constantly providing projects and services to satisfy their needs. Customers of the bank are kept abreast of transactions on their accounts by sending them SMS notification.
For Mutual Benefits Microfinance Bank Limited, history is made every day and this is achieved by hiring the best staff that is in line with the Vision and Mission of the bank.