Jessefield Microfinance Bank was incorporated on 9th October 2008, pursuant to an approval in principle by the CBN to operate as a unit microfinance bank. It was licensed by the CBN on 29th December 2008, and started microfinance business immediately. The Bank initially had an authorized share capital of N30million. Successive operational losses and poor management of the Bank by the pioneer manag
ement team led to a complete erosion of the Bank’s shareholders’ funds, making the Bank completely insolvent within its first year of operation. In August 2011, the original shareholders of the Bank agreed to bring in new investors to turn around the fortune of the Bank. These new investors took charge of the Bank in November 2011 and have since then infused the Bank with fresh capital, new strategic direction as well as a focused and committed management team. The cumulative effect of these changes is that the Bank has grown significantly since November 2011, with its net shareholders’ funds now in excess of N100million, and a large and rapidly growing customer base, now estimated at about 10,500 loans and 14,000 savings and deposit customers. With the growth of its customer base across the various geopolitical zones of Lagos State, the Bank realized it can no longer operate as a unit microfinance bank. Based on its enhanced shareholders funds and the growth of its customers across Lagos State, the Bank applied for a State MFB license in March 2013.
