By Kayode Oluwagboye, Chairman, Digitvant Microfinance Bank
In a country where many still operate outside the formal financial system, the question that we must always ask ourselves is: Are our financial innovations inclusive? Because for me, that very question fueled the mission that led to the establishment of Digitvant Microfinance Bank.
Nigerian fintech has grown phenomenally in recent years, but the reality is that the majority of these innovations are targeted at the digitally-savvy, urban middle class. While the average Nigerians like the open market trader, the roadside mechanic, the street food seller, are left out of the conversation.
DigitvantMFB was established to change that narrative. We did not set out to build another microfinance bank with many rigorous processes. We set out to build a financial model that is community-centered, responsive, and adaptive.
Our purpose has always been simple: to meet people where they are and offer them access to the financial tools they need to thrive, irrespective of background or level of exposure.
This mission made us create Market Monie, our core product tailored for micro and small traders, artisans, and primarily informal businesspeople. Market Monie offers low-interest, collateral-free credit in a form that is familiar and accessible. It is a product born out of actual stories of women who cannot restock their shops, young men seeking to grow their small businesses, and even farmers seeking capital at the beginning of planting season.
What makes Market Monie different is its hybrid nature. It is a blend of community lending flexibility with the security and discipline of being a licensed financial institution. It is accessible, rapid, and tailored to respond to the day-to-day realities of individuals who, for too long, have been obliged to fend for themselves with no official financial support.
Our impact has been humbling as it extends far beyond numbers and transactions.
Digitvant MFB is led by a woman, our Managing Director, Mrs. Florence Ogunyamoju. In addition, over 80% of our employees are women. This is not by chance. It is a deliberate decision based on our conviction that empowering women makes families, businesses, and the economy stronger. Moreso, I have always known that a female-led bank would drive more impact and that is visible to everyone.
Everyday, I see the difference we are making and it is profound. When I walk around some of the communities whom we serve and listen to traders tell me, “It was Market Monie that saved my business,” I am brought back to where we started. Their gratitude encourages us to do even more and we are not letting up.
We are spreading this inclusive financial tool wider, broadening our network of agents, and employing more intelligent technology to touch more Nigerians in more places, even in remote villages. Our fundamental purpose is not altered: to build a bank that listens, learns, and responds to the people it serves.
We, at Digitvant, believe that no financial dream is too small to fund and all businesses deserve a fighting chance through accessible finance. We believe that everybody has a right to access inclusive finance and not just an entitlement.
This is the core of what we do and who we are. It is the difference we seek to make more profound, day by day.
As Chairman of Digitvant Microfinance Bank, this is the legacy which I am privileged to lead. Join us!
