Lovonus Microfinance Bank aims to disburse N1.5 billion in loans to its customers by year-end, according to Managing Director Simeon Oni. The bank, which has operated for over a decade, also targets increasing its customer base to 11,500. In the first half of 2024, Lovonus MFB expanded its client base by 11% to 10,584 from 9,536 in the prior period.
Oni highlighted plans to enhance digital channels and leverage increased personnel during the peak ’ember’ season. He noted that the bank faces pressures from recent monetary policy rate hikes, which lead to customer demands for rate adjustments. Despite these challenges, Lovonus MFB remains committed to supporting its customers’ social and economic well-being while maintaining profitability and adhering to regulatory directives.
Oni emphasized the bank’s mission to enrich lives through innovation and teamwork, ensuring strong customer relationships and competitiveness.
