INTRODUCING ‘PENIEL MICROFINANCE BANK LTD’ –“OUR BANK”
PENIEL MICROFINANCE BANK LTD was incorporated in 2001 as Ore-Ofe Community Bank Ltd as a Privately Limited Liability Company and wholly owned by Nigerians. – Majority shareholders are RCCG Members and Parishes.
PENIEL MICROFINANCE BANK LTD has remained in business with authorized share capital of N400m and fully paid capital of N344m. The bank was recapitalized and was given the final license by Central Bank of Nigeria(CBN) in 2007 as a unit Microfinance Bank empowering over 5000 micro, small and medium entrepreneurs’ and businesses.
Peniel Microfinance Bank is a financial institution which recognizes the different needs of its customers. We are a well positioned Microfinance Bank that creates wealth through social and financial empowerment using cutting edge banking ideas, technologies and innovations to move our customers to the next level.
OUR FOCUS AT PENIEL MICROFINANCE BANK
We are focused on delivery microfinance services to economically active poor and Small and Medium Enterprises. We presently have over 21,000 accounts spread across our centers and our Head Office at Km 19 Badagry Express Way Pako Bus Stop, Okokomaiko, and a meeting point in Festac town (RCCG LP XI HQTS Premises). We also have a strong sustained historical relationship with RCCG Parishes with volumes of transactions.
- The Chairman of the Board is not a former CEO of the bank.
- Board members are all of impeccable character and integrity and have not had any regulatory or legal issues as a result of serving on any board.
- The Board has powers to hire External Consultants.
- Internal Control functions report directly to the Board and Shareholders’ Audit Committee. We adhere strictly to There is no Management override of controls and processes.
Peniel Microfonance Bank's Product
- Peniel Church Remittance (PC-REM),
- Peniel Church Equipment Acquisition (PC-EQ) and Cash Pick-up Services,
- Peniel Savings Account (PSA),Peniel Special Savings Account (PSSA),
- Peniel Future Target Account (PEFTA),
- Peniel Current Account (PCA),
- Peniel Okada/Tricycle Life Line (POLL),
- Microhelp Peniel Account (MAP),
- Peniel Asset Acquisition Scheme (PASS)