The Nigerian Navy Microfinance Bank Limited has announced that its assets have grown to N20 billion a decade after its establishment.

The director of supervision, Olatunji Ayoade, announced this at the bank’s 10th anniversary dinner on Thursday in Abuja.

Mr Ayoade described the milestone as celebrating a decade of growth, resilience, and impact in Nigeria’s microfinance sector.

He stated that the Central Bank of Nigeria licensed the bank a decade ago to provide financial solutions aimed at empowering naval personnel, their families, and the wider Nigerian community.

According to him, NNMFB understands the unique financial needs of servicemen and women, positioning itself as a bank that offers stability in uncertain times while fostering financial growth opportunities for its customers.

“From a very humble beginning, of a seed capital of N20 million, we have expanded our services, enhanced financial inclusion, and helped thousands achieve economic stability.

“We are now worth in excess of N19 billion. In 2024, your bank doubled its balance sheet. Thus, this is not just an anniversary. It is a testament to our shared vision, dedication, and the unwavering trust placed in us by our founders and customers,” he said.

Zakariya Muhammad, the CEO of Navy Holdings Limited, said the bank celebrated not just a decade of financial service but a decade of vision, resilience, and impact.

Mr Muhammad said the journey of the institution had been one of steady growth, unwavering commitment, and an enduring dedication to serving the financial needs of naval personnel and the Nigerian community at large.

According to him, the accomplishments of NNMFB over the past 10 years are worthy of commendation.

He urged the bank’s leadership and staff to embrace innovation to enhance service delivery in an ever-evolving financial landscape. He also urged them to foster strategic partnerships to increase financial inclusion and economic opportunities.

Mr Muhammed commended the board of directors, management, and staff for their relentless dedication and hard work, adding that their commitment had ensured that NNMF bank remained a pillar of financial security for the Nigerian Navy and beyond.

(NAN)