The Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.
The award also attests to the microlender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Richway Microfinance Bank, since its inception, has been at the forefront of providing accessible financial services to underserved communities.
The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector.
Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses by offering tailored loan products, savings and investment products with high returns, and business advisory services.
In 2023, the bank’s impact on start-ups was particularly profound.
Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.
These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.
Speaking on the award, the Managing Director of Richway MfB, Mr Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”
According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.
While thanking the DBN’s management for the recognition of the microlender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.
He assured that “as Richway Microfinance Bank celebrates this achievement, it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”
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