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DavoDani Microfinance Bank Lagos is a product of the buy-over of a defunct unit MFB incorporated in 2008. In 2014, new owners led by Prince Austin Enajemo-Isire acquired the unit-licensed MFB and changed the name to DavoDani Microfinance Bank Limited Lagos and continued as a unit MFB. After a process of rebirth, turnaround, and recapitalization, the bank grew its depleted operating capital of N5.4m due to losses at the time of acquisition, to N100m in 2015.
In 2015, the bank sought and obtained approval from the Central Bank of Nigeria (CBN) to convert from unit to state-licensed MFB status, which was granted in May 2016. The bank has evolved and grown its shareholders fund to well over Two billion naira (N2B) and a total asset base of about Eight billion naira (8B) in 2023, operating from 11 strategic business locations in Lagos state.
DDMFB has since rebranded with a new corporate identity and boasts of seasoned and distinguished professionals from diverse backgrounds in the Executive Management team. The bank is driven by a board of directors comprising renowned and well-experienced professionals with different backgrounds, experiences, skills, and competencies both in the private and public sector; providing continuous robust oversight functions to management for the growth and development of the bank.
DavoDani Microfinance Bank Lagos has fully complied with the current regulatory minimum capital regime of One billion naira as prescribed by the Central Bank of Nigeria as of April, 2022.