Nigerian Central Bank Gives Approval for DLM Capital to Buy Links Microfinance Bank

DLM Capital, a leading development investment bank, has gotten the final approval of the Central Bank of Nigeria (CBN) to buy Links Microfinance Bank, a report says, which will make it further ensconced in its position to launch a digital banking program.

Sonnie B. Ayere, CEO, said the bank sincerely thanked the SEC and CBN for the approval.

“This will help to position us more as a full-fledged financial services institution which will develop and disseminate various financial products and services that will reach millions of Nigerians who are underserved,” Ayere said. “We are looking forward to working with all stakeholders, including the CBN, to expand financial inclusion to meet the ever-evolving needs of the average Nigerian.”

Meanwhile, Links CEO Funsho Idowu said this would help the bank carve out more of a position in the market.

Links, he said, had just joined the cadre of digital banks that was in a position to make loans, investment opportunities and support job creation and help out smaller businesses.
“This deal, together with our NDIC insurance, will demonstrate to our customers that they can trust us with their financial needs,” he added.

PYMNTS wrote that Nigeria has been seeing a good amount of companies making strides these days.

See more: Nigerian FinTech ImaliPay Raises $3M in Seed Round to Bring Financial Services to Gig Workers

For instance, ImaliPay, a FinTech, closed a round recently for $3 million, a report said.

The company was founded in late 2020 in Nigeria and its services let eRidehailing drivers get more access to working capital.

The service offers financial services as a one-stop shop for a single channel, which includes an API for gig workers and platforms to let them power gigs with things like BNPL and other new services.

ImaliPay ran a pilot in Nigeria prior to this, finding that motorcycle taxi riders were interested in having these kinds of services.