In a move to enhance Nigeria’s economy, Kolomoni Microfinance Bank (MFB), a leading digital-led microfinance bank, has partnered with the Corporate Affairs Commission (CAC) to streamline the registration of Micro, Small, and Medium Enterprises (MSMEs). This collaboration aims to empower millions of Nigerians by simplifying the business registration process, thereby increasing accessibility and compliance with regulatory requirements.
Dr. Femi Sekoni, Chief Business Officer at Kolomoni MFB, emphasized the partnership’s potential to eliminate lengthy paperwork, making it easier for businesses to meet regulatory demands. He stated, “Our collaboration with the CAC aims to address one of the critical challenges business owners face by simplifying the registration process and removing major hurdles for entrepreneurs across Nigeria.”
This initiative aligns with directives from the CAC and the Central Bank of Nigeria (CBN) to enhance transparency and compliance. It also marks a significant step in Kolomoni MFB’s rebranding journey from Cintrust Microfinance Bank to Kolomoni MFB, following CBN’s approval. Dr. Sekoni noted that the rebranding reflects the bank’s commitment to empowering African businesses and individuals.
Mr. Babajide Adebayo, Head of Business Banking at Kolomoni MFB, highlighted the broader benefits of this partnership. “As we continue to provide seamless banking and payment solutions to businesses in Nigeria, we also believe that innovative partnerships such as this offer significant benefits for Nigerian business owners. This initiative contributes to the formalization of Nigeria’s fintech sector, improves access to finance, and promotes better business practices.”
The partnership is expected to facilitate sustainable economic growth by improving access to finance for MSMEs and enhancing overall business practices. Kolomoni MFB’s commitment to transforming Africa’s economy through innovative business solutions aims to drive inclusive growth and prosperity across the continent.
