ROYAL EXCHANGE STARTS UP A MICROFINANCE BANK

Royal Exchange has taken a giant step into microfinance banking by opening this new subsidiary at the head office premises in Oshodi.Earlier in the year, February 2008, the Central Bank of Nigeria had granted approval in principle to Royal Exchange Plc to open a microfinance bank.

Since then,work had been done on getting the premises ready, putting staff in place and seeing to it that the systems are in places and work well. Of course, along the way the CBN had played its part by coming in for inspections at appropriate intervals to monitor.

The microfinance bank has now opened for operation with a range of about ten different products, each targeted at different segments of the market. These include credit saving products.

In time,branches of the microfinance bank will be opened to enable many people take advantage of the services an offer.