Motto: Women Education, Social Justice, Poverty Alleviation & Community DevelopmentDevelopment Education Centre

DEC Micro Finance Bank


In line with the Central Bank of Nigeria’s consolidation policy on community banks in the country, Nnebuife Community Bank Nigeria Limited was, on 8th August 2007, given an approval in principle to convert to DEC Enugu Microfinance Bank Nigeria Limited.


The Central Bank of Nigeria gave 31st December 2007 as the deadline for all community banks in Nigeria to convert to  a unit  microfinance bank with a minimum share capital of N20 million or a state microfinance bank with a minimum share capital of N1 billion, or have their licence  withdrawn.

DEC ENUGU MICRO FINANCE BANK LIMITED is highly optimistic of getting her final licence from CBN before the end of December 2007 , having fulfilled all requirements needed by  the Central Bank of Nigeria.

In a chat with DEC News recently, the Acting Managing Director of DEC ENUGU Micro finance Bank Limited revealed that in the last couple of months community banks within and outside Enugu State have been engaged in a frenzy of activities aimed at meeting up with the CBN’s deadline.  He also revealed that unit microfinance banks are those authorized to operate within a given geographical boundary within a state using one branch only.  The CBN requires such MFBs to obtain permission in writing from the CBN before they engage in any branch expansion.  According to him  State MFBs are those which from the onset are authorized to operate two or more branches within a given state. 

On the major differences between a community bank and a microfinance bank, the Manager stated that whereas the minimum capital base of community banks is currently N10 million, the minimum capital for MFBs is N20 million.  Increase in staff strength; increase in branch networks; computerization of the bank’s operations; increase in permissible activities and increase in customer’s confidence, are some of other differences between an MFB and a community bank.  According to the experienced banker, there have been calls on the CBN to create a secondary clearing house for MFBs – an institutional structure whereby inter-MFB indebtedness can easily be settled without going through the commercial banks that have established a Clearing House structure  with the CBN.

Responding to a question on the products and services of DEC Enugu Microfinance Bank Ltd., the Operations Manager, Mrs. Agatha Eze  named them as follows:

*        deposit mobilization

*        funds transfer

*        cheque discounting

*        loans/credit facility

*        safe-keeping of valuables

*        execution of standing orders

*        administration of wills

*        treasury management

*        current savings/Fixed Deposit Accounts

*        financial advisory services

*        corporate finance services

*        LPO financing

*        Asset finance

*        micro-lease arrangements, etc. 

*        sale of WAEC, NECO, JAMB, IMT, ESUT forms etc. 

She also listed some of their special products as follows: Jaeger LeCoultre Replica Watches

*        Cheque for cash Exchange Facility – for various exams body


*        Micro-lease Option – for commercial motor-cycle operators

          (aka Okada riders)

*        School Fees with Ease Facility – for parents with many children in school

*        Target Savings Scheme – for those who want to buy TV sets;

          generators, refrigerators, etc.

*        Extra Mile Registration Arrangements for WAEC, NECO, GCE, NAB TEB, JAMB, and JAMB-Poly candidates

*        Investment Booster Option (IBO) – for investors and entrepreneurs

          who want their money to make more money for them in risk-free investment outlets. 

          “One unique aspect of DEC-ENUGU MFB Limited  is her method of credit delivery and extending of soft loan to the poorest of the poor without collateral” said Mrs. Eze

  The Bank not only does business with her clients but also extends social services to her registered clients.  Such social services include:

empowerment programmes, Adult literacy, Community health programme, Business education etc.  These programmes assist these clients in solving some of their social  problems. 

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