Bosak Microfinance Bank Limited was incorporated in December 2009 with the business objective of providing financial service to micro clients who were excluded from the mainstream financial system. It commenced operations in June 2010 upon obtaining a Unit Microfinance Banking License from the Central Bank of Nigeria. It later obtained a State Microfinance Banking License in 2016.
Bosak Microfinance Bank Limited’s financial inclusion effort focuses on promoting savings culture, access to credit facilities for income-generation purposes and reducing vulnerability to risk through micro insurance.
The Bank’s major strategic focus employs the group lending methodology in its operations with a leaning towards women. We believe in the commitment of women folk to work hard and help their families conquer poverty. As such, more than 95% of the Bank’s lending activities focuses on women. The success of our group lending activities largely depends on group solidarity and cohesion. In recognition of the Group Leaders’ efforts in this regard, we award education scholarships to children of outstanding Group Leaders while providing assets useful in trade activities to all leaders.
In its quest to deliver quality service to its clients and in recognition of the Bank’s leadership position, it established a strategic partnership with the Lagos State Employment Trust Fund (LSETF), the Bank of Industry (BOI) and the National Automotive Council (NAC).
The combination of cutting-edge technology, a strong and committed Board of Directors and motivated employees has helped the Bank to create a brand widely accepted by its teeming clients in Lagos.