An enterprise development firm, FIT Group of Companies, has launched a new subsidiary, FIT Microfinance Bank, to deepen financial inclusion within the Southeast region.

The bank is backed by the company's real estate firm to provide credits for Nigerians to build their dream homes at discounted rates.

The Chairman of FIT Group, Chief Loretta Aniagolu, who spoke at the official launch and grand opening of the bank in the HELIU Residences area of Enugu State, described the bank as a game-changer in the financial landscape and real estate industry.

She said the bank was heralded to empower individuals and small businesses with accessible and innovative financial services to enable them get their own homes.

“We're trying to build a value chain. When you are a real estate developer, it touches many different sectors and aspects. (However), the only aspect we think about is the houses built and sold. We forget that everything we use today is real estate, whether it's your residential home, school, hospital, hotel. They're all pieces of real estate.

“So, what we're trying to bring to the knowledge of Nigerians and the Nigerian government is the fact that building an economy requires a strong backbone in real estate development which is residential and commercial houses. It affects every aspect of your life, it creates jobs for every level of the society.

“Now, the only way you can build many houses is when you provide income and circulate credits. Nigerians are expected to be honest in their jobs and not be corrupt, but there's no opportunity for them to get credit to buy homes and other things they need. In every society credit is so important in everything we do. So, we looked at and asked ourselves, ‘what do we now do?’

“So, venturing into banking means we can now provide some credit. And with this credit, growing this bank, ultimately our goal is that this bank begin at some point to give loans to people so that we can build the kind of homes that we have built at discounted rates and a lot of Nigerians will be able to build their own homes. When you own a home, your dignity is restored as a human being and there are lots of things that come with it. You can do businesses, you can mortgage your home, you can use it to pay school fees, all sorts of things. But when you don't have it, you haven't even started,” Aniagolu said.

The Managing Director of the bank, Mr. Andrew Okpeh, disclosed that the bank started with a capital base of N250 million, would be hoping to become the leading microfinance bank in the entire Southeast.

“This is because we're going to be leveraging innovative technology, digital space, which is where we intend to operate,” he said.

The MD disclosed that as part of their community service, the bank would be organizing cooperative groups in various communities to teach them how to grow their wealth and also partner them, support their businesses and grow them.

He said: “Ours is a unit tear one microfinance bank, just like fintechs with their presence being felt in every village in Nigeria with POS. Before the end of the first quarter of 2025, we intend to get 10,000 POS machines to the nooks and crannies of the entire Southeast region so that any village you go to, you see our presence there. Ours is so advanced that before you make transfers, you will know which bank has a network problem to avoid sending money that will not get through”.

•Chief Mrs. Loretta Aniagolu cutting the tape to launch FIT MFB . . . weekend in Enugu