DavoDani Microfinance Bank Marks 10 Years of Empowering SMEs and Youth
DavoDani Microfinance Bank (DDMFB) has celebrated its 10th anniversary, highlighting a decade of financial inclusion and empowerment for small businesses and young entrepreneurs. Themed “A Decade of Transforming Lives,” the milestone event underscored the bank’s contributions to economic growth through accessible financial services.
Transforming a Struggling Institution
Reflecting on the bank’s journey since its establishment in 2014, Founder and Chairman of the Board, Austin Enajemo-Isire, recalled how DDMFB began by acquiring a struggling microfinance institution burdened with financial difficulties and capital impairment. The bank’s turnaround commenced with an initial capital injection of N20 million, followed by strategic investments that secured a state operating license from the Central Bank of Nigeria (CBN).
Commitment to Financial Inclusion
Enajemo-Isire reiterated the bank’s mission to serve underserved, underbanked, and unbanked communities. He emphasized that DDMFB’s commitment has facilitated economic empowerment, enabling SMEs and young entrepreneurs to access much-needed capital, create jobs, and improve their living conditions.
From its modest beginnings as a single-branch institution, DDMFB has expanded to 11 branches and employs approximately 200 staff members. The bank’s assets have grown to nearly N10 billion, with shareholders’ funds exceeding N3 billion—an impressive recovery from the initial deficit of N5.4 million.
Industry Recognition and Future Outlook
Acknowledging the evolving financial landscape, Enajemo-Isire reaffirmed DDMFB’s dedication to providing innovative financial solutions. The bank has earned multiple accolades, including the BusinessDay Banks and Other Financial Institutions (BAFI) award for ‘Best Microfinance Bank in Growth and Strategy Expansion’ and the ‘Innovative MFB of the Year’ award from the Kosofe Chamber of Commerce and Industry.
Driving Economic Inclusion
Speaking on the bank’s broader impact, Enajemo-Isire stressed that success should not be measured solely by financial growth but by the number of individuals and businesses empowered. He called for continued stakeholder collaboration to ensure financial accessibility remains a fundamental right, not a privilege.
As DDMFB looks ahead, it remains committed to fostering economic inclusion, supporting small businesses, and driving sustainable development in Nigeria.
