NIGERIAN'S INDEPENDENCE Posted on October 02, 2020 12:59
As we celebrate our nation’s birth this first of October, we are proud to represent our country’s independent spirit as a Microfinance bank, contributing to our nation’s economic well-being through service to our customers and communities.
At Cofred, It’s the relationship, not the transaction, that governs our practices and interactions with customers and distinguishes us as independent lenders. Because we are locally owned and operated, we understand the funding needs of our local communities and small businesses, and we diligently strive every day to earn their patronage.
As a microfinance bank, we understand the unique needs of our small business customers. A study from seven Federal Reserve Banks found that small businesses that apply for loans with microfinance banks are the most successful and most satisfied. According to the study, small businesses that apply for loans with microfinance banks were more likely to receive financing (68 percent versus 56 percent from large banks) and were more satisfied with their borrowing experience (73 percent versus 49 percent for large banks and just 35 percent for online lenders).
The role of Cofred microfinance bank as online bankers trusted lenders and our desire to help more Nigerians, Ghanaians and other countries gain financial independence is what drove CBN to heed our concerns regarding unnecessarily overzealous regulation, resulting in the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
We are proud of the work we do to make our community stronger and more vibrant by making our customers dream possible for families, entrepreneurs, farmers, and those who depend on us to meet their financial needs and goals by serving our customers with distinction.
Just as independence matters, what we do matters. Thank you for letting Cofred MFB serve you for over 7 years and more years ahead and for helping our bank retain our independence by supporting our bank. Happy First!