Teerus Microfinance Bank Commences Operations in Nigeria After Securing CBN Licence
Teerus Microfinance Bank Limited has officially received its operating licence from the Central Bank of Nigeria (CBN), marking a significant entry into the country's financial sector. The approval, granted on Monday, March 2, 2026, allows the bank to begin microfinance banking operations, with a focus on delivering accessible and customer-centric financial solutions.
Vision for Financial Inclusion and Economic Empowerment
In a statement, the bank outlined its commitment to promoting financial inclusion by serving individuals, small and medium-sized enterprises (SMEs), and underserved communities. Chukwuemeka Onwuedo, the Managing Director and Chief Executive Officer, emphasized that the licence represents not only regulatory approval but also a responsibility to drive economic growth. He stated, "The licence is more than regulatory approval; it is a duty, and we are happy to provide accessible financial services that empower people, support small enterprises, and foster economic growth." The bank aims to build reliable financial partnerships based on efficiency, transparency, and meeting customer needs.
Digital-Driven Services and Phased Rollout
Teerus Microfinance Bank plans to leverage technology to enhance its operations, with digital channels forming a core part of its growth strategy. The bank will roll out its services in phases across Nigeria, offering a broad range of financial products, including:
- Savings and deposit accounts
- Micro and SME loans
- Working capital financing
- Local purchase order financing
- Digital banking services
- Financial advisory services
This approach is designed to streamline banking processes, improve customer experience, and expand financial access, particularly for micro-entrepreneurs and small businesses.
Operational Framework and Regulatory Compliance
The bank's operational framework is built on sound corporate governance, strict regulatory compliance, disciplined risk management, and a customer-first philosophy. Teerus Microfinance Bank noted that it will collaborate closely with businesses, communities, and key stakeholders to support sustainable growth and contribute to Nigeria's economic progress. As the financial system evolves, the bank positions itself as a key player in driving innovation and operational efficiency.
Context of Nigeria's Banking Sector
This development adds to the growing number of microfinance banks in Nigeria, following CBN's regulatory oversight. Earlier reports highlighted that only seven banks in the country hold international authorisation, permitting cross-border operations: Access Bank, Fidelity Bank, First City Monument Bank, First Bank Nigeria, Guaranty Trust Bank, United Bank for Africa (UBA), and Zenith Bank. In contrast, Teerus Microfinance Bank will focus on domestic services, aligning with CBN's framework for microfinance institutions aimed at enhancing local financial inclusion.
