About Merchants Microfinance Bank Limited

A brief information about who we are.

Background Information

In 2008, an 8 Man Project Committee was set up by the Item Development Association (an umbrella association of Item people in Nigeria and in Diaspora) to midwife a microfinance bank that will be a source of empowerment for Item sons and daughters at the grassroots level in particular and the public in general. The members of the Committee were:

High Chief Rex U. Iko                      Chairman
Chief Joseph C. Ogwo                      Vice Chairman
Comrade Ogbonnaya Iheaka             Secretary
Elder Dr. Emma Ndukwe                   Member
Chief Onwukwe O. Onwukwe            Member
Chief Felix Anyansi Agwu                 Member
Mr. Agu Imo                                    Member
Mr. Ndubuisi E. A. Ogwo                  Project Manager/Member

On 31st July, 2009, the bank was incorporated with the aim of introducing into the Microfinance Banking Industry a set of values and quality service that can compare with the highest standard anywhere in the world.

The main objective of the Project Committee was to source for funds from Item sons and daughters through the sale of shares, to renovate the building for the bank, to register and equip the bank for banking services. The project was completed in November, 2009 by Elder Emma Ndukwe who acted for the Chairman of the Project Committee during his absence.

The bank was licensed to operate as a Microfinance Bank by the Central Bank of Nigeria in February, 2010 and fully commenced banking operations in the same month. The bank has shareholders fund in excess of ₦30,000,000.00 (thirty million Naira).

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