Company Overview
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About Ikoyi-Ile MFB
Our History
Founded in 1995, Ikoyi-Ile Microfinance Bank Nigeria Limited started as a community bank dedicated to fostering economic development at the grassroots level. With a growing demand for accessible financial services in underbanked regions, the bank transitioned into a fully accredited microfinance institution in 2008. As a unit financial institution, Ikoyi-Ile Microfinance Bank plays a crucial role in the economic empowerment of its clients, offering tailored financial solutions primarily to individuals in rural and semi-rural communities, with a special focus on Oriire Local Government Area.
Local Context: Oriire Local Government Area
Oriire Local Government Area is located in Ikoyi-Ile, approximately 14 kilometres from Ogbomosho. Established in 1989, it is home to over 252,000 adults, primarily traders and peasant farmers. Historically, financial services were scarce in this area, leaving a significant portion of the population without the means to access credit or savings opportunities. Since its inception, Ikoyi-Ile Microfinance Bank has filled this gap, providing financial solutions that empower residents, stimulate the local economy, and support sustainable growth.
The local government consists of roughly 100 villages, predominantly engaged in farming and petty trading. Around 70% of residents are farmers, and 30% are small-scale traders. In addition to its core banking services, Ikoyi-Ile Microfinance Bank addresses the unique needs of these communities, delivering financial services and education to individuals with limited banking options.