Digitvant disburses loans to over 50,000 businesses

Emerging player in the fintech space, Digitvant Microfinance Bank, has revealed that its flagship product, Market Monie, has supported over 505,000 businesses with its credit facilities.

This was disclosed on Monday at a press conference at its branch in Ikeja, Lagos.

Digitvant Microfinance Bank is licensed by the Central Bank of Nigeria. It provides the regulatory backing for Digitvantpay, its market-facing business entity.

Speaking at the press conference, the chairman of the board of directors of the MFB, Kayode Oluwagboye, said, “At the heart of our operations is Market Monie, whose impact has extended beyond the financial lifeline we have given to over 50,000 businesses to the dignity that is integral in our service. We believe that yes, we run a business, and we shall make a profit, but not at the expense of the dignity and self-esteem of our customers, and this is one of the things that sets us apart, as you will hear from some of our customers during this event. This is because we are Digitvant Microfinance Bank: a digitally driven financial institution with a human heart.”

He revealed that beyond securing the best leadership for the bank, “We are embedding inclusion and accountability into the very DNA of this bank, in governance, in operations, and in service delivery. As a matter of fact, one of the core pillars of our services is customer experience, not just because we need our customers to remain and grow in business, but to ensure that our customers have a positive experience when they encounter us, every time and again. Finally, Digitvant Microfinance Bank is not just a new player in the sector.

We are a new promise, a promise of access, a promise of innovation, and a promise of leadership that reflects the people it serves.”

The Managing Director, Florence Ogunmayoju, in her comments, noted that Market Monie, a tailored loan product, was designed to address the working capital needs of small and medium-sized businesses.

“It is flexible, easy to access, and reflects the unique rhythm of informal sector enterprises. We remove traditional obstacles such as collateral and cumbersome paperwork. Instead, through our network of community agents, we have empowered over 50,000 entrepreneurs to grow their businesses and secure their livelihoods,” she said.

 Ogunmayoju highlighted the fact that a significant portion of Nigeria’s economy is in the informal sector, and the lender was positioned to serve them.

 “Today, Nigeria’s informal sector contributes nearly 48 per cent of our GDP and employs 84 per cent of the workforce. Yet, the majority remain outside the formal financial system, relying heavily on cash and unstructured savings. At Digitvant, we blend the agility of fintech with the empathy of microfinance. Our solutions are not just digital; they are deeply human,” she affirmed.

On the DigitvantPay App, Ogunmayoju said the app was created to meet the need for convenience of its customers, saying, “The DigitvantPay App brings banking to your fingertips. It’s fast, user-friendly, and designed for both rural and urban users. We envision a future where digital finance transforms every underserved and remote community into hubs of growth, resilience, and prosperity. At Digitvant MFB, we are not just offering banking; we are building a movement. One rooted in trust, powered by innovation, and driven by empathy.”

The Chief Technology Officer, Tolulope Awode, in his presentation, revealed that security had been built into the mobile app of the firm to keep depositors’ funds safe and build confidence.

 He said, “The app is secure. The app is accessible to both people living in rural and urban environments, because at Digitvant, we strongly believe that financial services should not be limited to people in urban areas.”

https://punchng.com/digitvant-disburses-loans-to-over-50000-businesses/