- Investment banking group acquires Links Microfinance Bank
- Set to launch its Sofri digital lending brand in Q2
- Nigeria’s capital importation down 32.4% to $875.6m on insecurity,…
- Social Capital Makes the Difference Between ‘Good’ and ‘Bad’ Buybacks
- CBN refunds N35m capital deposits to BDCs with pending applications
- Seplat kicks off capital market day in Lagos, London with name change
- Ending violent conflicts in Nigeria
DLM Capital Group, a developmental investment bank (DIB) that provides innovative solutions to economic and social developmental challenges, has announced the receipt of a license for the acquisition of Links Microfinance Bank in Nigeria as the capital group hopes to tap into the million-dollar Nigeria’s fintech sector.
According to DLM Capital group, the license will give it the mandate to operate a small scale banking service in Nigeria, as well as allow the successive launch of its star digital lending brand, Sofri, before the end of June 2021. The group also revealed that the acquisition in conjunction with the bank’s many fintech efforts already in the pipeline, will position it to deliver more value for both corporates and the consumers.
According to Chinwendu Ohakpougwu, the Corporate Communications Manager at DLM Capital Group, “ “We are particularly excited about our acquisition of Links MFB and how it enhances the growth trajectory of our business. This highly strategic acquisition represents another significant milestone for us on our journey as a resilient and well-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market. We are confident that this decade will be bullish for Nigeria’s tech space and are ready to work with the fintech community in strengthening the solutions necessary to meet consumer needs.”
Meanwhile, the group’s acquisition of Links Microfinance Bank stands as an entry to new businesses and the complementary enhancements to the company’s existing subsidiaries. Sources say the prospect opens new market opportunities for the microfinance bank on the African continent and also, the acquisitions enables the group build a challenger bank band that proffers solutions with innovative technology for the Nigerian market. However, the leading developmental investment bank prides itself as a foremost investment bank for development on the African continent and also functions as the sole arranger to over 80 per cent of structured financial transactions in Nigeria with 100 per cent of all securitization transactions in the market currently.