Olubunmi Shofowora

Gabsyn Microfinance Bank

Gabsyn Microfinance Bank Limited is duly licensed and regulated by the Central Bank of Nigeria (CBN). All client‘s deposits are insured by the NDIC (Nigeria Deposit Insurance Corporation). In alignment with the CBNs goals of financial inclusion, we are determined to use simple financial solutions, strategic alliances, and partnerships to improve the socio-economic status of the financially excluded portion of the population. As a partner in the actualization of the objectives of the NFIS, Gabsyn MFB, has positioned itself in a strategic location (Ikorodu) where it can use its well-trained, motivated, young and dynamic staff as well as its experienced management team to design and offer flexible, value-adding and sustainable financial services to the communities. There are millions of Nigerians who are yet to tap into the immense benefits available in the financial sector because they are currently excluded. Gabsyn MFB will open a viable avenue for such people to access a broad range of financial and social services such as loans, savings, payment services, money transfers, financial education, etc. Microfinance Banks (MFBs) are critical to Nigeria's financial inclusion goals, particularly because of their role in providing financial services to the underserved segments of the Nigerian economy. In a demonstration of its acknowledgment of the importance of the sector, The Nigerian government launched the National Financial Inclusion Strategy in 2012 (NFIS 2012), to achieve 80% inclusion by 2020. The NFIS was reviewed in 2012, and the CBN and its stakeholders came up with the Revised NFIS document which targets a 95% financial inclusion threshold in Nigeria by 2024. This is ambitious given that the financial inclusion index moved from 57.3% in 2010 to 60.3% in 2012 and 63.2% in 2020, a growth of about 5.9% in 10 years. Achieving a 31.8% increment in 4 years is indeed ambitious, but not impossible.