Resilience, Growth As Omiye Microfinance Bank Charts New Path 

By Elizabeth Bamidele 

Stakeholders laud bank’s progress, as 2023 financial performance highlights resilience and growth.

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The Annual General Meeting (AGM) of Omiye Microfinance Bank Limited (OMFB) was held on December 7, 2024, at the Onward Hotel, Ilupeju-Ekiti. 

The event, initially delayed due to prevailing circumstances in the country, brought together shareholders, government officials, royal fathers, community leaders, and individuals from across Ekiti State.

In his remarks, Oloye Ogunleye expressed gratitude to the shareholders for their unwavering trust and support, crediting their loyalty as a cornerstone of the bank’s success.

He highlighted OMFB’s resilience amidst significant economic challenges, including fluctuating fiscal and monetary policies. Despite these hurdles, the bank achieved commendable performance metrics in 2023, cementing its industry leadership.

2023 Financial Highlights:

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The Chairman provided key insights into the bank’s financial performance:

Earnings Per Share (EPS): 

Increased from 14.13 kobo to 17.95 kobo. Capital Adequacy Ratio (CAR): Improved from 36.36% to 47.58%, far exceeding the regulatory minimum of 10%. 

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Non-Performing Loan (NPL) Ratio: 

Maintained at 7.5%, reflecting strong risk management practices.OMFB also declared a proposed dividend of 0.10 kobo per share, amounting to ₦18,855,859.60 for the 2023 financial year, subject to withholding tax.

Strategic Initiatives and Outlook:

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Oloye Ogunleye detailed steps taken to position OMFB for future growth, including:

Upgrading its license to Tier 1 unit Microfinance Bank status.

Increasing share capital from ₦500 million to ₦1 billion to attract new investors.

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Plans to expand operations across Ekiti State, thereby enhancing financial inclusion and community development.

He also emphasized collaboration with the Ekiti State Government, local councils, and community organizations to achieve mutual goals.Stakeholder Comments.

The AGM featured remarks from a diverse audience – Mrs. Onifade O.C.:

Acknowledged the bank’s impressive performance and expressed renewed interest in microfinance, encouraging the bank to leverage the Agricultural Credit Guarantee Scheme Fund (ACGSF).

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Royal Fathers: 

The Apeju of Ilupeju, Onisan of Isan, Ore of Otun, and the Ewi of Ado-Ekiti (represented by Chief Ogunmodimu) praised the bank’s contributions to their communities. 

Kabiyesi Ore of Otun called OMFB a “blessing” to his kingdom and urged citizens to embrace the bank’s services. 

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In his words, Oore of Otun said this bank is “Tiwantiwa, Bi agogo se ndun ni won o man dun, laye o ma gbo ohun won”, meaning – This bank is our own and it will be like a resounding bell that will always be heard. 

Mr. Kayode from Abuja suggested organizing seminars to educate people about the bank’s benefits.

Mrs. Daramola Dorcas commended the professionalism and customer service of OMFB staff, urging other branches to emulate the Ilupeju office.

Oloye Olufemi Ojo encouraged them,  leveraging technology for dividend distribution and enhancing online banking services.

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Adelugba encouraged stakeholders to convert their dividends to shares. This generated mixed reactions as many preferred to access their funds before reinvesting.

Adetunji, an online participant, pledged to support the bank through initiatives for women’s empowerment and addressing low interest rates on loans.

In response to the comments, the Chairman, Oloye Ogunleye, reaffirmed OMFB’s commitment to growth, technology, and community partnerships. 

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The meeting concluded with a call for stakeholders to embrace online banking during the festive season to minimize cash handling.

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